Nigeria’s Senate has turned up the heat on the country’s fast growing fintech sector, ordering Moniepoint and the Central Bank of Nigeria to appear before it and submit detailed memoranda as lawmakers push to tighten oversight of digital financial platforms amid rising fraud concerns.
The Senate instructed the CBN, Moniepoint and the EFCC among other concerned agencies to submit comprehensive memoranda to the National Assembly Secretariat within two weeks to aid legislative consideration of both an amendment bill and an investigative hearing into the operations of Ponzi schemes in Nigeria.
The directive came during a one day public hearing held on Tuesday March 3, 2026, jointly organised by the Senate Committees on Banking, ICT and Cybersecurity, Capital Market and Anti-Corruption and Financial Crimes.
Senate President Godswill Akpabio, represented by Senate Leader Opeyemi Bamidele, declared open the hearing on a proposed amendment to the Banks and Other Financial Institutions Act 2020 and an investigative motion into the proliferation of Ponzi schemes particularly in light of the recent Crypto Bullion Exchange collapse that left thousands of Nigerians counting losses.
Chairman of the Senate Committee on Banking Senator Adetokunbo Abiru, who sponsored the bill, said the amendment seeks to strengthen the regulatory framework guiding the CBN’s oversight of the fintech sector by providing a clear statutory framework for the designation, registration and enhanced supervision of systemically important institutions particularly technology-enabled financial service providers.
Former NLC President Adams Oshiomhole added his voice to the concerns, sharing a personal experience of having his accounts hacked through a fintech platform. He also questioned the accountability of fintech operators, saying “I know the directors of our regular banks, but I can’t say the same of these fintech banks. I don’t know the directors of Moniepoint, Opay and all others.”
The scrutiny on Moniepoint comes at a particularly sensitive moment for the company. A Nigerian woman, Abiodun Olokunjuwon, recently filed suit against Moniepoint Microfinance Bank before the High Court of Oyo State, alleging that the fintech opened and operated two accounts in her name using her NIN and BVN without her knowledge or consent and that those accounts were subsequently used for transactions by an unidentified third party. US Commission on International Religious Freedom She is seeking N50 million in damages.
Moniepoint’s CEO however has previously maintained that the company has zero tolerance for fraud, pointing to mandatory BVN verification and liveness checks at onboarding as evidence of its commitment to KYC compliance. “KYC is not merely an acronym but indeed a cornerstone in establishing trust, ensuring security, and complying with regulatory standards,” he said.
Senate Committee on ICT and Cybersecurity Chairman Shuaib Afolabi Salisu struck a more balanced tone, praising fintech firms for advancing financial inclusion and supporting economic growth while urging operators to enhance their internal compliance mechanisms and maintain close cooperation with regulators to preserve public trust.
