The Economic and Financial Crimes Commission (EFCC) has called on OPay’s management and staff to strengthen their adherence to regulatory requirements in order to safeguard business integrity and prevent fraudulent activities.
The appeal was made by EFCC Chairman, Mr. Ola Olukoyede, during a courtesy visit to the Commission’s headquarters by OPay CEO, Mr. Steven Wen, and other senior executives on Thursday.
This reminder comes at a time when Nigerian fintech firms are experiencing heightened regulatory scrutiny, particularly in areas such as Anti-Money Laundering (AML) controls, fraud prevention, and customer verification.
Speaking through his Chief of Staff, Michael Nzekwe, Olukoyede stressed the importance of anti-corruption efforts in driving economic development. He urged OPay to maintain strict compliance across all operations.
“Strengthen your Know Your Customer (KYC) processes, block all loopholes for fraud, ensure your platform is not used for money laundering, and comply with every law of the land,” he said.
He also commended OPay for its strong local employment strategy, noting:
“Your ninety-nine percent local workforce is impressive and commendable. However, it is equally crucial to demonstrate compliance with local laws not just in words, but in action.”
EFCC’s Director of Investigation, Abdulkarim Chukkol, further highlighted the need to protect the company’s systems from internal compromise.
“Systems integrity is crucial. Beyond CBN requirements, you must go the extra mile with KYC. Also pay close attention to those you employ — insider abuse is common, and even the tightest systems can be compromised from within,” he cautioned.
In response, OPay CEO Steven Wen reaffirmed the company’s commitment to regulatory compliance, customer satisfaction, and sustainable revenue growth. He emphasized that compliance remains a non-negotiable priority for the company, followed by delivering innovative solutions that meet customer needs and drive business expansion.
