Fintech service providers: Opay owner in China, Reps Panel discloses

● As Moniepoint, Kuda shun invitations

Efforts to strengthen oversight of its rapidly growing financial technology (Fintech) sector have encountered a major obstacle.

A legislative panel has disclosed that several leading digital financial service providers, including Moniepoint, Opay, and Kuda, failed to honour invitations for crucial regulatory hearings, according to a report by Arise News monitored on Wednesday, October 7, 2025

Advertisement

The development has raised fresh concerns over corporate accountability, transparency, and national security in the country’s booming digital finance industry.

Hon. Olufemi Bamisile, Chairman of the Ad-Hoc Committee established by the House of Representatives to investigate and regulate the sector, expressed deep concern over the non-cooperation of these companies.

According to him, several formal attempts to engage the Fintech operators were unsuccessful, with emails reportedly bouncing back and none of the invited companies showing up for discussions. “We invited major Fintech operators Moniepoint, Opay, and Kuda, but their mails bounced back, and they didn’t show up,” Bamisile stated.

The lawmaker highlighted the growing disconnect between Nigeria’s regulatory authorities and the digital financial platforms that handle billions of Naira in transactions daily. He emphasized that the absence of a clear line of communication and corporate visibility undermines efforts to establish effective oversight mechanisms.

AMAC chairman orders immediate withdrawal of radio, TV taxes on residential houses

Adding to the complexity of the issue, Bamisile disclosed that regulatory bodies are finding it increasingly difficult to determine the actual location and nationality of the management teams behind these platforms. This lack of transparency, he warned, poses serious risks to national security and data protection, especially in a digital economy where sensitive financial information is constantly being exchanged.

Using Opay as an example, Bamisile revealed that investigations indicate the company’s ownership extends beyond Nigeria’s borders, with links traced to China. “Most of these regulating agencies don’t know where these operators are. We found out the owner of Opay is in China, and it is worrisome,” he added.

The revelation underscores the urgent need for stronger collaboration between regulatory institutions and Fintech companies to ensure that innovation in digital finance does not come at the expense of accountability, transparency, and national interest.