EFCC Chairman Urges Fintech Firm Moniepoint to Prioritize Regulatory Compliance

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has called on the leadership of Moniepoint Microfinance Bank to place the highest priority on regulatory compliance and rigorous due diligence. The charge was delivered during a courtesy visit by the fintech company’s management team, led by its founder and CEO, Tosin Eniolorunda, at the EFCC headquarters in Abuja.

Olukoyede emphasized that strict adherence to financial regulations is essential for protecting the platform from being exploited for money laundering, terrorism financing, or other illegal activities. He highlighted the critical importance of robust Know Your Customer (KYC) procedures and full compliance with guidelines from bodies like the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

While commending Moniepoint for its significant growth and resilience in the Nigerian market, the EFCC Chairman stressed that such success must be paired with unwavering compliance.

In response, CEO Tosin Eniolorunda assured the Commission of the company’s dedication to financial safety and regulatory standards. He stated that Moniepoint recognizes its expanding responsibility within the financial system and is continuously strengthening its internal controls, identity verification, and fraud prevention frameworks. Eniolorunda affirmed the company’s commitment to delivering secure payment solutions, supporting business credit access, and maintaining the integrity of its platform.