Nigerian Lawmakers Expose Opay's Foreign Ownership and Regulatory Lapses in Fintech Sector

The Nigerian National Assembly has expressed alarm over regulatory gaps in the fintech sector, highlighting concerns about Opay's Chinese ownership and poor compliance with KYC regulations. Lawmakers discovered red flags indicating a lack of oversight and irregular operations by fintech firms like Opay, Moniepoint, and Kuda.

The ongoing investigation reveals potential risks to data protection, financial security, and consumer trust. Despite CBN directives, enforcement of KYC and anti-money laundering measures remains inconsistent.

Lawmakers fear foreign-controlled fintech companies like Opay may exploit operational weaknesses.