The Economic and Financial Crimes Commission has urged OPay’s management and staff to step up their commitment to regulatory compliance in order to protect the integrity of the business and reduce fraud.
EFCC Chairman, Ola Olukoyede, gave the advice during a courtesy visit by OPay CEO, Steven Wen, and other top executives to the commission’s headquarters on Thursday. His message comes at a time when fintech companies in Nigeria are under growing scrutiny, especially concerning money-laundering controls, fraud prevention, and customer verification.
Speaking through his Chief of Staff, Michael Nzekwe, Olukoyede stressed that anti-corruption efforts directly support economic development. He encouraged OPay to maintain strict adherence to all laws governing its operations.
He said, “Work on your Know Your Customer process, don’t allow fraud, don’t let your platform be used for money laundering, and comply with every law of the land.”
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Olukoyede also applauded OPay for employing mostly Nigerians but reminded them that compliance must be demonstrated through actions, not just promises.
EFCC’s Director of Investigation, Abdulkarim Chukkol, also advised the company to protect its systems from insider abuse, noting that even strong systems can be compromised if the wrong people gain access.
He added that OPay must go beyond basic requirements from the CBN to ensure deeper, more proactive compliance.
In his response, OPay CEO Wen said the company prioritises regulatory compliance, customer satisfaction, and revenue growth. He emphasised that the company considers compliance a non-negotiable foundation for its business while continuing to focus on innovative solutions that meet customer needs.
