Fintech Operations: “We Found Out the Owner of Opay Is in China, and It Is Worrisome” – Hon. Olufemi Bamisile

…Nigeria’s Fintech Oversight Faces Major Setback

FCT, ABUJA, NIGERIA – According to a report by Arise News on Wednesday, October 7, 2025, Nigeria’s ongoing efforts to tighten regulatory control over the rapidly growing financial technology (Fintech) sector have encountered a serious obstacle.

A key legislative committee has disclosed that its attempts to engage major Fintech operators – such as Moniepoint, Opay, and Kuda – were unsuccessful.

This failure has raised serious questions about transparency, corporate accountability, and the actual location of the companies’ controlling interests.

Hon. Olufemi Bamisile, Chairman of the Ad-Hoc Committee established to investigate and oversee the Fintech sector, expressed deep concern over the operators’ non-compliance.

He revealed that several top Fintech firms declined invitations to appear before the committee for crucial regulatory hearings.

The lawmaker described the situation as troubling, pointing out that these companies handle billions of Naira in daily transactions, yet appear to operate beyond the direct oversight of Nigerian regulatory bodies.

Adding to the challenge, Hon. Bamisile noted that regulatory agencies are finding it increasingly difficult to determine the physical location and nationality of the top executives managing these digital platforms.

This lack of clarity, Bamisile said, poses a significant risk to the nation’s financial stability and data security.

Using Opay as a key example, Hon. Bamisile highlighted the growing concerns surrounding the company’s ownership structure.

He revealed that investigations traced the principal owner of Opay to China, describing the discovery as “worrisome.”

“Most of these regulating agencies don’t even know where these operators are. We found out the owner of Opay is in China, and it is worrisome”, Bamisile lamented.

Bamisile further disclosed that the committee’s efforts to reach major platforms through official communication channels were largely unsuccessful.

“Moniepoint, Opay, and Kuda were invited; their mails bounced back, and they didn’t show up”, he stated.

The development underscores the urgent need for tighter coordination between the Nigerian government and the Fintech sector.

With billions of Naira circulating daily through these digital platforms, lawmakers warn that without transparency and compliance, the country’s financial ecosystem could face serious vulnerabilities.