EFCC urges Moniepoint to strengthen regulatory compliance, KYC frameworks

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has charged Moniepoint Microfinance Bank to prioritise strict regulatory compliance in its operations to safeguard Nigeria’s financial system.

Olukoyede gave the charge 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.

The EFCC boss stressed the importance of due diligence in the day-to-day activities of the fintech company, noting that strong compliance measures would prevent criminal elements from exploiting the platform for money laundering or terrorism financing.

He urged the bank to adhere strictly to laid-down regulations, emphasising that compliance was essential for sustainable business growth.

Olukoyede also highlighted the critical role of Know Your Customer (KYC) processes, particularly in light of regulatory frameworks issued by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), including those relating to cryptocurrency operations.

Commending Moniepoint’s leadership, Olukoyede praised the management’s resilience and courage in building the institution, describing its growth as a notable achievement in Nigeria’s challenging business environment.

In his response, Eniolorunda reaffirmed Moniepoint’s commitment to regulatory compliance, customer safety, and robust anti-fraud and anti-money laundering measures.

He said the bank was fully aware of its societal impact and the responsibility that came with its operations.

According to him, Moniepoint has strengthened internal controls to ensure that only legitimate account owners operate its services, while also combating fraud that previously plagued parts of the fintech ecosystem.

Eniolorunda added that the bank remained proud of its contribution to financial inclusion, reliable payment solutions for businesses, and the provision of credit to support economic activities across the country.

The visit underscored ongoing collaboration between the EFCC and financial institutions in promoting transparency, compliance, and the integrity of Nigeria’s financial system.