Former Edo State governor and current senator, Adams Oshiomhole, has narrated how hackers gained access to his OPay and Moniepoint accounts, sparking renewed debate about the safety of Nigeria’s rapidly growing fintech sector.
Oshiomhole shared the experience during a Senate session debating proposed amendments to the Banks and Other Financial Institutions Act (BOFIA), urging lawmakers to strengthen regulatory oversight of financial technology companies operating outside conventional banking systems.
Speaking on the Senate floor, the Edo North senator explained that his encounter with cybercriminals exposed troubling gaps in Nigeria’s digital payment ecosystem.
He said the hackers conducted all their transactions using mobile money platforms, specifically OPay and Moniepoint, without routing any activity through registered commercial banks.
“When they hacked into my account, I discovered that all the institutions involved were OPay and Moniepoint. None of the traditional banks were used,” Oshiomhole said.
He added that many fintech operators lack physical offices, have limited staff, and do not engage in visible corporate social responsibility activities, making them less accountable to the public.
Oshiomhole argued that new regulatory proposals must be thoroughly examined to prevent criminals from exploiting loopholes in Nigeria’s digital finance landscape.
He noted that leadership structures of major commercial banks are well-known and traceable, whereas some fintech platforms operate without such transparency.
“I can list the directors of First Bank, Access Bank, Zenith Bank. But I don’t know the directors of OPay or Moniepoint,” he said.
He warned that if any of these major fintech companies were to collapse, the federal government would ultimately be responsible for protecting customers and covering potential losses.
After the debate, the amendment bill sponsored by Senator Tokunbo Abiru successfully passed second reading.
In a related development, OPay issued an official statement dismissing viral claims that the company had shut down its Nigerian operations or lost customer funds.
The fintech firm described the rumours as false and malicious, insisting that its services remain stable and fully functional.
In a post on its verified X (formerly Twitter) account, OPay assured customers that their funds were safe and urged the public to ignore misinformation aimed at creating panic.
OPay clarified that there has been no system failure or incident capable of wiping customers’ balances.
The company acknowledged a brief downtime earlier in the week but said the issue was resolved within minutes, adding that such interruptions are normal for digital platforms and do not indicate internal collapse.
The company also reminded users that it operates under full licensing from the Central Bank of Nigeria (CBN) and that customer deposits are insured by the Nigeria Deposit Insurance Corporation (NDIC).
These safeguards, the company said, reinforce its commitment to secure financial services for millions of Nigerians.
In a separate development, the federal government has begun deducting the N50 Electronic Money Transfer Levy (EMTL) on transactions of N10,000 and above carried out on OPay, Moniepoint, PalmPay, Kuda, and other digital payment platforms.
The EMTL, introduced under the 2020 Finance Act, imposes a one-off levy of N50 on eligible electronic transfers processed through financial institutions.
