Nigeria, March 5 -- The Senate Committee on Banking, Insurance and Other Financial Institutions has urged the Central Bank of Nigeria (CBN) to strengthen its oversight of the fintech sector to curb rising cases of financial fraud within Nigeria's banking system.

The committee also urged the bank to develop stricter regulatory measures to address the increasing threat of Ponzi schemes, which have defrauded numerous Nigerians in recent years.

The Chairman of the Committee, Adetokunbo Abiru, made the call on Wednesday during an investigative hearing into the operations of Ponzi schemes in Nigeria, with particular reference to the recent Crypto Bullion Exchange (CBEX) incident.

The hearing was jointly organised by the Senate Committees on ...