Fintech negligence causing fraud among unbanked, middle class – EFCC – Newstrends
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Fintech negligence causing fraud among unbanked, middle class – EFCC

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EFCC Chairman, Olanipekun Olukoyede

Fintech negligence causing fraud among unbanked, middle class – EFCC

The Economic and Financial Crimes Commission (EFCC) has raised concerns about increasing fraudulent activities in Nigeria’s financial sector, particularly within the unbanked, under-served, and middle-class populations.

This was disclosed in a statement by the EFCC, Ola Olukoyede, the EFCC Chairman, highlighted these concerns during a recent engagement with stakeholders in Abuja.

He attributed this trend to negligence by some fintech companies in implementing robust Know Your Customer (KYC) protocols.

Olukoyede noted that many fintech firms fail to adhere to strict KYC guidelines, particularly when onboarding customers for tier-one accounts. He highlighted that this negligence creates vulnerabilities that fraudsters exploit.

“Olukoyede observed that there was a high level of poor internal control by fintechs at the level of the unbanked, the under-served and the middle-class population spectrum,” the statement read. 

” There’s quite a whole lot of fraud that goes around that particular level, so the issue of KYC (Know Your Customer) is very important, especially because of the issue of how fintechs open tier-one accounts, sometimes without attention to KYC. And people take advantage of this and are quick to commit fraud through this negligence,” Olukoyede stated. 

The EFCC chairman stressed the importance of fintech companies revisiting their onboarding processes to prevent loopholes that fraudsters exploit.

Collaboration with EFCC  

Highlighting the role of fintech firms in combating fraud, Olukoyede called for increased cooperation between fintech operators and the EFCC.

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He emphasized that companies must see themselves as stakeholders in the fight against corruption and respond promptly to regulatory requests.

“Increasing your level of collaboration with the EFCC would mean seeing yourselves as stakeholders in the fight against corruption. We would like you to respond to us when we make inquiries and requests,” he stated. 

The EFCC expressed its willingness to partner with Moniepoint in addressing fraud-related challenges, emphasizing the importance of collaboration in combating financial crimes.

 “On our part, we are open to whatever it is that you want us to do. We value it that you are here today to seek a stronger tie and collaboration.

“When we have stakeholders come in and want to be part of what we are doing, majorly stakeholders like you, it gives us joy because we know that no one man can fight corruption alone. The collaboration you seek tells us that you want to strengthen your system; you want to be able to create more internal controls.

“You want to be able to put in place things that will mitigate those weaknesses that will lead to fraud within your system, that’s what we do. Our core mandate is the enforcement and investigation of economic and financial crimes. So, we’re glad and wish to collaborate with you,” he stated.

 

Fintech negligence causing fraud among unbanked, middle class – EFCC

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200,000 repentant terrorists surrender, drop arms in North East – CDS

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Chief of Defence Staff, General Christopher Musa

200,000 repentant terrorists surrender, drop arms in North East – CDS

The Chief of Defence Staff, General Christopher Musa, has disclosed that about 200,000 repentant terrorists have so far dropped their arms and surrendered to troops in the North East, noting that the twin strategy of kinetic and non-kinetic operations was responsible for this achievement.

The CDS made this known at the Security and Justice Symposium organised by the Office of the National Security Adviser (ONSA) in collaboration with the British High Commission, which began at the National Counterterrorism Centre in Abuja on Tuesday.

He disclosed that the theme of the symposium, ”Securing Peace, Ensuring Justice, Protection, Conduct, and Accountability,” speaks volumes about the deluge of security challenges the armed forces and security agencies are facing.

His words, “All the challenges we are facing today have to do with fairness, equity, justice, and accountability.

“There will not be peace without justice, equity, fairness, and accountability. In our operations, we are conducting both kinetic and non-kinetic strategies, which have to a large extent yielded significant successes, and we want to particularly thank the National Security Adviser for his great support in this regard.

“Nigeria is going through so many challenges, and we feel we’re able to address this, and everybody has a sense of belonging. A lot of the security challenges we are having, we are sure, will go down. I want to thank the National Security Advisor for all the support he’s given us, both the kinetic and the non-kinetic.

“We have said it; the kinetic aspect is just less than 30%. The non-kinetic has a lot to play. The non-kinetic, because when you have democracy, people must have the evidence of democracy. As long as it tells people to sleep well and be peaceful, and they are hungry, their children cannot eat, and all this creates more problems.

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“The issue of informants. We have to look at how we tackle this issue of informants. Because these are the people who have created the issue.

200,000 repentant terrorists surrender, drop arms in North East – CDS

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Robbers kill two members in shoot-out with Delta police

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Robbers kill two members in shoot-out with Delta police

The spokesperson for the police in Delta State, SP Bright Edafe, has confirmed the death of two robbery suspects in the state.

Mr Edafe, who disclosed this to journalists on Tuesday in Warri, said that the deceased were killed from the bullets shot by their gang members.

According to him, the incident occurred on Wednesday at Effurun, Uvwie Local Government Area of the state.

Mr Edafe explained that the deceased were leading the police surveillance team attached to the Ekpan Division to their hideout when they were caught during a shoot-out.

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“The suspects were arrested at Effurun roundabout with a bag containing 57 live cartridges and other items. They were leading the surveillance team to their hideout at Warri/Sapele road when their gang members, on sighting the vehicle of the police team, engaged them in a shootout.During the gun duel, the arrested suspects that were leading the police team were fatally wounded by the gun shot of their colleagues. The two injured suspects were taken to the hospital and later died while receiving treatment,” he said.

Mr Edafe said that items recovered from the hoodlums hideout included: one English pump action gun, one locally made cut-to-size gun and eight live cartridges.

Others were: six iPhones, Smart phones and a Rolex wrist watch.

He said that the command had intensified manhunt on the fleeing members of the gang.

 

Robbers kill two members in shoot-out with Delta police

(NAN)

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Akwa Ibom businessman abducted, driver killed, police orderly injured

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Dr. Samuel Ekerenam
Akwa Ibom businessman abducted, driver killed, police orderly injured
Gunmen kidnapped a prominent businessman, Dr. Samuel Ekerenam and k!lled his driver in Eket town, the headquarter of Eket Local Government Area of Akwa Ibom State.
Ekerena, the owner of Hephzibah Mall, was abducted about 10:00pm on Saturday, 23 November, 2024.
It was gathered that the gunmen trailed the victim to the shopping complex, shooting sporadically to scare the passers-by away before whisking him away to an unknown destination.
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The body of Ekerenam’s driver was discovered in the pool of his blood, while his police orderly was severely wounded in the gun attack.
The spokesperson of the State Police Command, ASP Timfon John, who confirmed the incident on Monday, November 25, said the Commissioner of Police, CP Joseph Eribo has deployed tactical operatives to comb for the abducted businessman.
The PPRO added that the police were on top of the game and very soon the kidnap victim would be rescued and the perpetrators made to face the full weight of the law.

Akwa Ibom businessman abducted, driver killed, police orderly injured

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