The Economic and Financial Crimes Commission (EFCC) has called on the management and staff of OPay to intensify their commitment to regulatory compliance, emphasizing that maintaining business integrity is essential to curbing fraudulent activities within the fintech sector.
The charge was delivered by the EFCC Chairman, Mr. Ola Olukoyede, during a courtesy visit to the Commission’s headquarters in Abuja by OPay CEO, Mr. Steven Wen, and other senior executives on Thursday.
Prioritizing Compliance and Economic Integrity
Speaking through his Chief of Staff, Michael Nzekwe, the EFCC Chairman highlighted the critical link between anti-corruption measures and economic growth. He urged OPay to ensure that its platform is never exploited for illicit financial flows.
“Work on Know Your Customer (KYC), don’t give room for fraud, don’t allow your company to be used for money laundering, and comply with every law of the land,” Olukoyede stated.
While the EFCC boss commended OPay for its employment strategy—noting that having a 99% local workforce is a significant contribution to the economy—he reiterated that compliance must be demonstrated through consistent action rather than just intent.
Combatting Insider Abuse and Strengthening Systems
The Director of Investigation at the EFCC, Abdulkarim Chukkol, further underscored the need for “systems integrity.” He advised the fintech giant to go beyond the minimum requirements set by the Central Bank of Nigeria (CBN) regarding customer verification.
Chukkol also raised concerns about insider abuse, warning that even the most secure systems are vulnerable if internal vetting is weak.
“I also want to give advice on the people that you employ; sometimes insider abuse is very rampant. No matter how tight your system is, when you bring in somebody that can do and undo, then definitely everybody is at risk,” Chukkol warned.
OPay Reaffirms Commitment to Local Laws
In response, OPay CEO Steven Wen highlighted that the company operates under a clear hierarchy of priorities: regulatory compliance, customer satisfaction, and revenue generation.
Wen emphasized that adhering to local laws and regulations is the company’s highest priority and serves as a “non-negotiable boundary” for the business. He noted that while OPay remains focused on growing revenue and providing innovative solutions for its customers, these goals will never come at the expense of legal and regulatory standards.
This meeting comes at a pivotal time for Nigerian fintechs, which are currently facing increased scrutiny regarding fraud prevention and the robustness of their digital verification processes.
