Senate pushes for CBN oversight of fintech, stricter Ponzi scheme measures

Senate pushes for CBN oversight of fintech, stricter Ponzi scheme measures

T
TopeOfLagos in Politics • March 4, 2026, 9:01 pm

Senate demands CBN lead fintech regulation, strengthen anti-fraud laws. Proposed amendments to BOFIA 2020 would bring fintechs under CBN supervision, create national registry for transparency. Senate cites CBEX incident as example of fraudulent schemes causing financial losses and eroding trust. Measures include enhanced risk-based supervision and inter-agency collaboration to curb Ponzi schemes.

SOURCE: https://www.channelstv.com/2026/03/04/senate-backs-stronger-cbn-oversight-of-fintechs-tougher-action-on-ponzi-schemes/

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