NEWS
Nigerian Senator Raises Alarm Over Alleged Use of Fintech Platforms by Fraudsters, Recounts Personal Experience of WhatsApp Hack During Committee Screening in Abuja
A Nigerian senator has raised serious concerns over the alleged use of digital financial platforms by cybercriminals, particularly pointing to the growing involvement of accounts linked to fintech companies during fraudulent transactions.
The lawmaker made the remarks during a committee screening session in Abuja while directing questions to the Chief Executive Officer of Moniepoint, Tosin Eniolorunda. The discussion centered on the rising cases of digital fraud and the possible role fintech platforms may unknowingly play in facilitating financial scams.
During the session, the senator narrated a personal experience in which he claimed that cybercriminals exploited his phone and used a Moniepoint-linked account to collect money from unsuspecting victims.
According to the lawmaker, the incident began with a phone call from a suspected fraudster who persuaded him to provide certain numbers over the phone.
“As somebody that is analogue, I was so gullible. Somebody called me and told me to give him some numbers. I gave him the numbers and suddenly I could no longer access my WhatsApp platform,” the senator said.
The senator explained that the seriousness of the situation only became clear after he alerted his daughter about the unusual activity on his phone.
“She said, ‘Daddy, you have been hacked.’ I asked, ‘What is hacked?’ She said we should quickly act so it could be reversed,” he explained.
However, before any recovery efforts could be initiated, the hacker had already begun exploiting the compromised account.
The lawmaker revealed that the fraudster allegedly used his phone number and identity to solicit money from people in his contact list. Some of the victims, he said, unknowingly transferred funds to an account believed to be linked to the Moniepoint platform.
“Before the reversal, the man that hacked my telephone had already succeeded in collecting millions from people,” the senator said.
The senator further stated that similar incidents reported by other individuals frequently involved accounts associated with fintech platforms such as Moniepoint and OPay rather than traditional commercial banks.
“From experience and from what other people have told us, such people normally use OPay and Moniepoint,” he said.
He questioned why fraudsters appear to favor fintech platforms over conventional banking institutions, suggesting that accessibility and the limited presence of physical branches may be among the factors.
“My question is: what is the attraction for using Moniepoint and OPay rather than conventional banks? Is it because it is difficult to see you physically?” he asked.
The lawmaker also emphasized the need for stronger regulatory oversight of fintech companies, arguing that victims of digital fraud must have clear and accessible channels to report complaints and seek redress.
“There is a need for proper regulation of the way these platforms operate so that when something happens, people know where to go physically to make their complaints,” he added.
In recent years, fintech platforms such as Moniepoint have experienced rapid expansion across Nigeria, offering services including digital payments, agency banking, and financial technology solutions to millions of users.
However, the growth of digital financial services has also heightened concerns over cyber fraud, identity theft, and the potential misuse of payment platforms by criminal networks.
Industry experts have consistently warned that fraudsters often rely on social engineering tactics such as deceptive phone calls and phishing messages to manipulate victims into surrendering sensitive information, rather than exploiting direct security vulnerabilities within the platforms themselves.
The senator’s comments during the committee session have reignited national conversations around the need for stronger cybersecurity awareness, improved user verification mechanisms, and more robust regulatory frameworks aimed at curbing digital financial crimes across Nigeria’s rapidly evolving fintech sector.