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.

National Economic Council (NEC) of Nigeria has officially approved 112 as the unified, toll-free national emergency number to streamline responses to security, medical, fire, and natural disasters.

It is part of measures to strengthen Nigeria’s emergency lifeline and build a unified and coordinated national response to emergencies.

NEC also approved the establishment of a multi-agency implementation committee and programme coordination led by the Office of the Vice President and the National Communications Commission (NCC).

The approval was part of decisions taken at the 157th meeting of the NEC held virtually and chaired by Vice President Kashim Shettima.

Shettima said the 112 emergency lifeline had become necessary to prevent delay caused by bureaucratic bottlenecks, noting that what the citizens seek urgently when confronted by a natural disaster or insecurity is an urgent response and not bureaucracy.

“This is not only a technical reform. It is a test of the state’s humanity. In moments of fire, accident, robbery, medical emergency, flood, violence, or panic, citizens do not need bureaucracy.

“They need a response. They need to know one number to call, one system to trust, and one coordinated chain of action that moves quickly enough to save lives,” he stated.

He explained that while Nigeria is not beginning from zero, as the emergency number had been in existence, what is required at the moment “is coordination, adoption, standard operating procedures, public awareness, institutional ownership, and trust”.

The vice president described NEC as the nation’s economic engine room, where the federal government and the states must convert the Renewed Hope Agenda of President Bola Tinubu into practical outcomes.

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.