Adams Oshiomhole, senator representing Edo north, says the national assembly must tighten oversight of financial institutions operating outside the traditional banking system.

Oshiomhole spoke on Thursday while contributing to debate during the plenary on a bill seeking to amend the Banks and Other Financial Institutions Act to provide for the designation, registration and enhanced supervision of systemically important institutions.

Oshiomhole said the red chamber should not only support the legislation but also examine it closely to ensure that “all possible loopholes are blocked”.

He said his personal experience with cyber fraud shows how non-traditional financial platforms are being used for illicit transactions.

“When they hacked into my account, I found that all the institutions used were OPAY and Moneypoint; none of the registered banks were used,” he said.

“And when I asked, I’m told that’s it. They don’t have a branch in Abuja. They don’t employ labour. They bear no social responsibility.”