According to a report by Arise News, on Wednesday, October 7, 2025, Nigeria efforts to tighten the regulatory grip on the rapidly expanding financial technology (Fintech) sector have hit a major roadblock.
A key legislative panel has revealed that attempts to engage major operators like Moniepoint, Opay, and Kuda were unsuccessful, raising concerns about corporate accountability and the true location of their controlling interests.
Hon. Olufemi Bamisile, the Chairman of the Ad-Hoc Committee tasked with overseeing the sector, disclosed the worrying development, stating that some major Fintech operators did not honor invitations to regulatory hearings.
“Regulating Fintech Operations: Fintechs Were Invited; Moniepoint, Opay, and Kuda, Their Mails Bounced Back, and They Didn’t Show Up”
The chairman’s revelation suggests a significant disconnect between the Nigerian regulatory bodies and some of the most prominent players in the digital financial space, who process billions of Naira daily.
Compounding the problem is the difficulty regulatory agencies face in establishing the physical location and nationality of the top management of these digital platforms.
This lack of transparency has sparked concerns over national security and data protection.
Bamisile pointed to one of the country’s most popular payment platforms, Opay, as a case in point, noting that its ownership structure presents a major challenge to effective oversight.
“Most of these regulating agencies don’t know where these operators are. We found out the owner of Opay is in China, and it is worrisome.” See, More, Here>>>>
Explore More News By Using The Button Above
Leave a Reply