EFCC warns fintech CEOs: One bad transaction can destroy 10 years of work

EFCC Chairman Ola Olukoyede warned fintech CEOs today in Abuja that 'one mishandled transaction can destroy what you have built over ten years.' He said the same innovations expanding financial access in Nigeria are being exploited by criminals for fraud and terrorism financing.

'The opportunities you have created have also given criminals the opportunity to perpetrate crimes,' Olukoyede told executives at EFCC headquarters. He specifically warned about ransom payments made through POS systems, urging stronger KYC procedures to block these security gaps.

The EFCC chief stressed that trust is fintechs' most valuable asset: 'Once a reputation is damaged, you can hardly get it back.' He called for closer cooperation through information sharing to strengthen regulatory regimes around fintech operations and combat financial crimes effectively.

How will your fintech company balance innovation with enhanced compliance to protect against these growing threats?

SOURCE: https://dailypost.ng/2026/04/30/one-transaction-can-ruin-your-business-efcc-warns-fintech-ceos/