₦airaland Forum

The Economic and Financial Crimes Commission (EFCC) has charged Moniepoint Microfinance Bank to strengthen regulatory compliance and due diligence in its operations to prevent abuse of its platform by criminal elements. Eyes Of Lagos reports,

The charge was given by the Executive Chairman of the EFCC, Ola Olukoyede, 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 commission’s headquarters in Jabi, Abuja.

Olukoyede stressed the importance of strict regulatory compliance, noting that adherence to established rules would protect the fintech firm from being exploited for money laundering, terrorism financing, and other financial crimes.

“Take your time, play by the rules, follow the law, regulatory compliance, and always address your mind to doing the right thing,” the EFCC boss said.

He highlighted Know Your Customer (KYC) procedures as a critical component of financial integrity, especially with emerging regulations from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) on cryptocurrency and digital assets.

“KYC is very key, and those are the things we expect you to take very seriously,” he added.

Olukoyede commended Moniepoint’s leadership for its resilience and achievements, noting the difficulty of building and sustaining a business in Nigeria.

“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 response, Tosin Eniolorunda assured the EFCC of Moniepoint’s continued commitment to regulatory compliance, financial safety, and anti-fraud measures.

He stated that the bank recognises its responsibility as a major player in Nigeria’s fintech ecosystem and has consistently prioritised anti-money laundering and risk management frameworks.

“These are responsibilities we have taken very seriously over the years. We have passed through our growth and immaturity phases, and we are now in our adult and maturity phase, where we have managed to combat a lot of fraud that previously harmed the fintech system,” Eniolorunda said.

He added that Moniepoint conducts stringent checks to ensure that account holders are genuine and expressed pride in the impact of the bank’s solutions, particularly in improving payment reliability and access to credit for Nigerian businesses.

bigpicture001:
Moniepoint break rules.. for example, in the pos industry, it is prohibited for pos parent companies to issue machine that can withdraw more than 100k from one card.. it is a CBN law.

Everyone fell inline except money point.. monies point will issue the prohibited. Machines to her agents so that can still b withdrawing over 100k to Make them stay ahead...

CBN says if u are caught, fine is 10m. The policy is to help reduce the amount of cash in circulation and fight inflation..

That is why u see most monies point agent using two machines.. I pray they are caught and taught a good lesson

DEROXMAN:
The useless efcc and apshit puppet again

Macadamemmy:
Like for Opay Share for Monie point

Kenneth10110:
When will they tell tilumbu to take his time and play by the rules he promised.

bigpicture001:
Moniepoint break rules.. for example, in the pos industry, it is prohibited for pos parent companies to issue machine that can withdraw more than 100k from one card.. it is a CBN law.

Everyone fell inline except money point.. monies point will issue the prohibited. Machines to her agents so that can still b withdrawing over 100k to Make them stay ahead...

CBN says if u are caught, fine is 10m. The policy is to help reduce the amount of cash in circulation and fight inflation..

That is why u see most monies point agent using two machines.. I pray they are caught and taught a good lesson

bigpicture001:
Moniepoint break rules.. for example, in the pos industry, it is prohibited for pos parent companies to issue machine that can withdraw more than 100k from one card.. it is a CBN law.

Everyone fell inline except money point.. monies point will issue the prohibited. Machines to her agents so that can still b withdrawing over 100k to Make them stay ahead...

CBN says if u are caught, fine is 10m. The policy is to help reduce the amount of cash in circulation and fight inflation..

That is why u see most monies point agent using two machines.. I pray they are caught and taught a good lesson

Bluntemperor:
Y

Your bitterness and hateful conduct would not allow you to see the road clearly.
You are on Social Media- doing your thing and EFCC is monitoring and conducting investigation on Violating of Rules and Others, especially Money Laundering matters,but you can't understand it because of not connecting to the rhythm,so avoid dancing nakedly to serious issues befallen Nigeria.
If you have nothing good to say,just mute 🤐!

bigpicture001:
Moniepoint break rules.. for example, in the pos industry, it is prohibited for pos parent companies to issue machine that can withdraw more than 100k from one card.. it is a CBN law.

Everyone fell inline except money point.. monies point will issue the prohibited. Machines to her agents so that can still b withdrawing over 100k to Make them stay ahead...

CBN says if u are caught, fine is 10m. The policy is to help reduce the amount of cash in circulation and fight inflation..

That is why u see most monies point agent using two machines.. I pray they are caught and taught a good lesson

laslimdajay:
Hope monie point is not doing something illegal that we are aware of yet.....

God abeg o

Jerrywhite77:
That is not true. Moniepoint follows CBN policies to the letter. It even makes them loose business but they don't compromise. I can tell you that for free.

Please get your facts right

DEROXMAN:
The useless efcc and apshit puppet again