The Digest:
Senator Adams Oshiomhole has transformed a personal violation into a legislative push. Citing his own experience of having his account hacked through platforms like OPay and Moneypoint, the former Edo governor called for stricter parliamentary oversight of fintech companies, arguing they currently operate without the accountability of traditional banks.
Key Points:
- Senator Adams Oshiomhole revealed his personal bank account was hacked, with transactions routed solely through fintech platforms OPay and Moneypoint.
- He used his experience to advocate for tighter Senate oversight during a debate on amending the Banks and Other Financial Institutions Act.
- Oshiomhole criticized such platforms for having no physical branches, employing no local labour, and bearing "no social responsibility," unlike traditional banks.
- He emphasized he knows the directors of major banks but does not know who owns or directs these influential fintech companies.
- The senator warned that if such institutions "go under," the political authority would be left with the burden of compensating defrauded Nigerians.
- He argued that laws passed by the National Assembly carry more enforceable weight than regulations from the Central Bank of Nigeria (CBN).
- The bill, sponsored by Senator Tokunbo Abiru, seeks to designate, register, and enhance supervision of systemically important financial institutions and passed its second reading.
Sources: TheCable
