EFCC warning OPay as the agency urges stricter compliance, stronger KYC and system integrity during a visit by the fintech’s executives
Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, on Thursday urged OPay CEO Steven Wen and senior executives to strengthen the company’s compliance framework, issuing a firm EFCC warning OPay during a courtesy visit to the agency’s headquarters.
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Olukoyede, represented by Chief of Staff Michael Nzekwe, said regulatory adherence was essential for maintaining business integrity and preventing fraud in Nigeria’s rapidly expanding fintech sector.
The visit came amid heightened scrutiny of digital financial platforms, particularly in the areas of Anti-Money Laundering controls, customer verification and fraud prevention.
He advised the management team to reinforce Know Your Customer processes and ensure the platform was never used for money laundering or illicit financial flows.
Olukoyede commended OPay for its overwhelmingly local workforce, describing the initiative as a powerful contribution to Nigeria’s labour market, while stressing that compliance must be demonstrated through action rather than rhetoric.
Director of Investigation at the EFCC, Abdulkarim Chukkol, highlighted the importance of systems integrity and warned of the danger of insider abuse.
Chukkol said even the most sophisticated technology could be undermined if staff were not properly vetted, urging the company to adopt rigorous internal safeguards.
OPay CEO Wen said the firm placed regulatory compliance at the heart of its operations. He explained that adherence to Nigerian laws formed the foundation of its strategy, followed closely by customer satisfaction through innovative product development.
Wen added that revenue growth remained important but noted that compliance stood as a non-negotiable boundary for the company.
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The meeting underscored the EFCC’s determination to push for higher accountability standards across the fintech industry, a sector viewed as critical to Nigeria’s economic transformation.
