By Micah Jonah
January 23, 2026
The Executive Chairman of the Economic and Financial Crimes Commission Ola Olukoyede has urged Moniepoint Microfinance Bank to strengthen regulatory compliance and due diligence in its operations to prevent criminal abuse of its financial platform.
Olukoyede gave the warning on Thursday January 22 2026 when the management of Moniepoint led by its Founder and Chief Executive Officer Tosin Eniolorunda paid him a courtesy visit at the EFCC headquarters in Jabi Abuja.
He stressed that strict internal controls, continuous monitoring were essential to protecting the financial system from money laundering and terrorism financing, noting that strong compliance frameworks would also safeguard the long term stability of the company.
According to him building a successful business takes great effort, can easily be damaged if regulatory standards are ignored, urging the bank to always operate within the law and uphold the highest ethical standards in all transactions.
The EFCC boss also emphasized the importance of Know Your Customer procedures, especially with increasing digital payments and cryptocurrency activities, adding that regulators such as the Central Bank of Nigeria and the Securities and Exchange Commission had already set guidelines that must be strictly followed.
He commended Moniepoint management for its resilience and growth, describing the ability to build and sustain a business in Nigeria as a remarkable achievement deserving of recognition.
In his response Eniolorunda assured the EFCC of Moniepoint’s continued commitment to regulatory compliance and financial safety, stating that the company fully understands its responsibility to protect customers and the wider financial system.
He said the bank has invested heavily in fraud detection and anti money laundering systems and now operates more advanced security measures compared to its early years, when fintech platforms faced higher levels of fraud risk.
He added that Moniepoint regularly verifies account holders to ensure that only legitimate users operate accounts and expressed pride in the company’s role in supporting small businesses with reliable payment systems and access to credit.
Both sides reaffirmed their commitment to cooperation in promoting transparency and integrity within Nigeria’s fast growing digital financial sector.
