Senator Adams Oshiomhole (Edo North) has disclosed how hackers exploited vulnerabilities in financial technology platforms to compromise his Opay and Moniepoint accounts, raising concerns over the security of fintech services.

Speaking during Thursday’s plenary, Oshiomhole urged the National Assembly to strengthen oversight of financial institutions operating outside traditional banks. His comments were made amid debates on a bill sponsored by Senator Tokunbo Abiru (Lagos East), which seeks to amend the Banks and Other Financial Institutions Act to allow for the designation, registration, and enhanced supervision of systemically important institutions.

The former Edo governor emphasized the need to carefully examine the proposed amendments to address potential regulatory gaps.

He said, “When they hacked into my account, I discovered that the institutions involved were Opay and Moniepoint; none of the registered banks were implicated.”

Oshiomhole highlighted the lack of physical branches and limited public visibility of some fintech operators as key accountability challenges. He added, “I know all the directors of First Bank, Access Bank, and Zenith Bank. But I do not know the directors of Opay or Moniepoint. These are major players in our economy, and if anything goes wrong, political authorities will be left to handle the fallout for affected Nigerians.”

He called for rigorous regulatory measures to protect consumers and ensure stability as Nigeria’s fintech sector continues to expand.