Mr. Ola Olukoyede, chairman, Economic and Financial Crimes Commission (EFCC), has called on financial technology companies in Nigeria to strengthen their systems and safeguard their platforms against exploitation by fraudsters and other criminal actors.

Olukoyede made the call yesterday in Abuja during an industry engagement meeting with chief executive officers of fintech companies held at the EFCC headquarters.

He commended the fintech sector for driving financial inclusion and innovation in the country, noting that their platforms have expanded access to financial services.

However, he warned that the same digital space has increasingly been exploited by fraudsters.

According to him, continuous engagement between the EFCC and fintech operators is necessary to identify vulnerabilities and block loopholes being used for financial crimes.

“The opportunities you have created have also given criminals the opportunity to perpetrate crimes,” he said, adding that regular collaboration would help strengthen regulatory safeguards and protect legitimate business operations.

Olukoyede urged fintech operators to protect the integrity of their businesses, stressing that reputation remains a critical asset in the financial sector.

He warned that a single compromised transaction could damage years of trust-building.

He also advocated stronger intelligence sharing and cooperation between both parties, noting that such collaboration would enhance the EFCC’s mandate in tackling financial crimes.

On security concerns, the EFCC chairman raised alarm over the use of fintech and POS channels for ransom payments linked to terrorism financing.

He called for stricter compliance with Know Your Customer (KYC) requirements and improved monitoring of suspicious transactions.

“We have seen that criminals exploit your space, especially in areas involving ransom payments,” he said, urging the industry to work with regulators to close existing loopholes.

The meeting also featured discussions on regulatory and operational challenges in the fintech sector, with both sides exploring measures aimed at strengthening compliance and reducing fraud risks.

Central Bank of Nigeria (CBN) will from today start enforcing the new Bank Verification Number (BVN) regulations, in a major move aimed at tightening banking security and reducing rising cases of fraud across the financial system.

Key changes include restricting phone number changes to once in a lifetime, limiting banking apps to one device, and capping transactions on new devices to \(\text{₦}20,000\) for the first 24 hours.

Bank customers need to know these:

One of the major highlights of the policy is the restriction on updating BVN-linked phone numbers.

Customers will now be allowed to change the phone number attached to their BVN only once in their lifetime.

Fraudsters often take over accounts by changing phone numbers through SIM swap tricks. Limiting changes helps reduce that risk.

Make sure the BVN number you use is one you plan to keep for a long time. If you ever need to change it, do so carefully because you won’t get another chance.

Your account can be temporarily restricted for checks

Banks are now authorised to place suspicious BVNs on a 24-hour watchlist.

During this period, affected accounts may be temporarily restricted while investigations and identity verification are carried out.

If your bank notices unusual activity, your account may be flagged.

Transactions could be delayed or restricted while the bank confirms that you are the one making them.

BVN registration is now strictly for adults

Another key update is the introduction of an age restriction.

Only individuals aged 18 and above can independently register for a BVN.

Minors will no longer be able to obtain standalone BVNs, except through structured, guardian-linked arrangements approved by financial institutions.

You can only use your banking app on one device

The apex bank has also introduced a one-device-per-app rule.

This means customers can only use their banking app on one device at a time.

Logging in on a new phone will automatically log out the previous device.

If you switch to a new device, your transactions will be limited to ₦20,000 for the first 24 hours.

The policy is designed to reduce unauthorised access and improve identity verification, making it harder for fraudsters to operate using cloned devices or stolen login details.

BVN services are now limited to authorised channels

Access to BVN-related services is now more controlled.

Only CBN-approved banks and financial institutions can handle BVN updates or issues.

Avoid using third-party apps or unofficial agents. Always go through your bank for any BVN-related request.

Fidelity Bank Plc is basking in endless and stakeholders are happy.

Dr. Nneka Onyeali-Ikpe, managing director and chief executive officer, Fidelity Bank Plc

With nearly 10 million customers, Fidelity Bank is demonstrating excellent market traction.

This a crucial evidence for investors that the bank is solution driven.

For instance, at the capital market, the bank was the toast of investors as  its market value surged amid bargain hunting on the Nigerian Exchange, with investors gaining more than 11 percent after few days of tradings last week only.

Fidelity Bank’s share price increased to N22.30 at the close of the market last Friday, as 11.227 million units valued at N251.523 million.

Investors are simply reacting positively to strong earnings, technology-driven growth, and strategic expansions.

Fidelity Bank, emerged a more robust financial institution after the Central Bank of Nigeria (CBN) and  the Securities and Exchange Commission (SEC) ordered massive banking recapitalization exercise.

Dr. Nneka Onyeali-Ikpe, managing director and chief executive officer, Fidelity Bank Plc, is being credited for driving these exceptional shareholder value, operational performance, and sustainable growth.

Despite the immense responsibility and intense pressure, especially during turbulent times,  Onyeali-Ikpe, has been strutting her stuff by strategic vision and exemplary leadership.

Onyeali-Ikpe has built Fidelity Bank as beacon in the banking industry underpinning the bank with trust, innovative technology, strategic growth, and strong leadership as well as  reputation.

She has broken every glass ceilings delivering milestones and solid imprints in the annals of banking.

The bank only recently completed CBN-verified share allotment, hitting N532 billion capital.

This heavy chest now guarantees the bank long-term stability, and enabling it operate with speed.

Since appointment on January 1, 2021, Onyeali-Ikpe, has-anchored the bank on bespoke digital, financial, and technology-driven tools designed to enhance customer experience.

By integrating AI, automation, and advanced data analytics, Fidelity Bank is today delivering solution banking.

Under Onyeali-Ikpe’s leadership, the bank has significantly improved brand equity.

Fidelity Bank also announced the completion of the acquisition of a 100 per cent stake in Union Bank UK, under the CEO.

A recent Brand Finance report ranked Fidelity Bank as the fastest-growing Nigerian brand, with its brand value more than tripling.

Onyeali-Ikpe was also named among the 2024 Most Influential Global Top 100 Export and International Trade Leaders, recognizing her contribution to expanding Nigeria’s trade and export financing capabilities.

Under her, Fidelity Bank has received multiple awards, including Export Finance Bank of the Year (2023 BAFI Awards), Best Payment Solution Provider Nigeria 2023, and Best SME Bank Nigeria 2022 (Global Banking and Finance Awards).

The bank was also recognized by Euromoney for Best Bank for SMEs (2023) and Best Domestic Private Bank in Nigeria (2023).

Onyeali-Ikpe will be leaving as head of the bank this year but her record of placing the institution  upward trajectory will be indelible.

She may be leaving “big shoes to fill” because of her high-energy, infectious positivity which made her successful in everything she does.