The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede has tasked the management of Moniepoint Micro Finance Bank on the need to ensure regulatory compliance in the services it renders.
He gave the charge on Thursday, January 22, 2026, when the management of the bank, led by its founder and chief executive officer, Tosin Eniolorunda paid him a courtesy visit at the EFCC, headquarters, Jabi, Abuja.
The EFCC’s boss emphasized the issue of due diligence in the day to day activities of Moniepoint, stressing that such a modality would strengthen the Fintech company and make it impossible for bad actors to use the platform to launder money, finance terrorism. “It is something that you need to take seriously because it takes a lot to build a business”.
“Take your time, play by the rules, follow the law, regulatory compliance and always address your mind to doing the right thing.
“Another thing I want to encourage you about is KYC. I am very sure CBN and SEC have come up with this regulation on cryptocurrency. The KYC is very key and those are the things we expect you to take very seriously,” he said.
He commended Moniepoint’s management team for its courage and resilience in steering the bank as well as its commitment to providing quality services.
“Anybody who has grown a business to the level of employing 10 people in Nigeria deserves a salute. I salute your courage. I can imagine the challenges, but for you to have nurtured this idea to this level, I must salute your courage,” he said
In his remarks, Eniolorunda assured Olukoyede of the bank’s dedication to regulatory compliance and safety of financial activities carried out in the bank. He stated that his firm recognized its impact in the society and the responsibility to ensure compliance, safety, anti-fraud and anti-money laundering frameworks at all times. “These are all responsibilities that we have taken very seriously over the years. We have had our growth phase, and our immaturity phase and we are now in our adult and maturity phase, where we have managed to combat a lot of fraud that was so harmful to the Fintech systems in the past.”
He also explained that “we do checks to ensure that people who operate accounts are the genuine owners of the account. We are also proud of the impact that our solutions have brought into our market. The reliability that it has given to the average business person to accept payment, the credit that we have given into the society”
