Nigerian financial institutions reported N159 billion fraud since 2020, Group CEO, Moniepoint Inc., Tosin Eniolorunda has said.

Speaking during a courtesy visit  to the Chief Executive Officer, Fidelity Bank, Nneka Onyeali-Ikpe, in Lagos, he said There was  need for all players in the financial services sector to come together in tackling these challenges.

Both financial sector leaders held discussions around the growth of the digital payments and contributions of the financial services to Nigeria’s socio-economic development.

Eniolorunda  said  Moniepoint remains a responsible and compliant organisation which takes Know Your Customer rules very seriously. 

“KYC is not merely an acronym but indeed a cornerstone in establishing trust, ensuring security, and complying with regulatory standards. All accounts created on our platform have Bank Verification Number -BVN- verification,” Eniolorunda maintained.

He said the company has zero tolerance for fraud and typically go all out to ensure that we track fraudsters and fraudulent transactions on our platforms.