How banks, fintechs enabled N18.7bn fraud without due diligence - EFCC
[NigerianEye - Nigeria] - 22/01/2026
The Economic and Financial Crimes Commission (EFCC) has accused banks, fintech companies and microfinance institutions of enabling large-scale fraud by failing to carry out basic customer due diligence. Wilson Uwujaren, the commission’s director of public affairs, made the allegation on Thursday during a media briefing in Abuja, where he disclosed findings from investigations into two major fraud schemes that affected more than 900,000 Nigerians. Uwujaren said investigations showed that a “new generation bank”, six fintechs and microfinance banks compromised standard banking procedures, (…)
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