The Economic and Financial Crimes Commission has urged OPay to tighten its internal controls and block loopholes that enable money laundering. The warning comes as regulators increase scrutiny on the fast-growing fintech industry.
EFCC Urges OPay to Improve KYC and Fraud Checks
EFCC Chairman Ola Olukoyede delivered the message during a visit by OPay CEO Steven Wen and senior executives.
Speaking through his Chief of Staff, Michael Nzekwe, he said fintech firms must close gaps that criminals exploit. He also stressed that strong compliance protects the entire financial system.
Olukoyede said, “Work on your Know Your Customer. Do not give room for fraud. Do not allow your company to be used for money laundering.”
Commission Commends Local Hiring but Issues Warning
Olukoyede praised OPay for employing many Nigerians. However, he said real compliance requires action, not only public statements.
“It is important to show through action that you follow local laws,” he noted.
Director of Investigation Abdulkarim Chukkol also addressed the team. He warned that insider abuse remains a major threat. According to him, even strong digital systems can fail if employees misuse their access.
OPay CEO Reaffirms Commitment to Compliance
OPay CEO Steven Wen said the company places compliance at the top of its priorities. He added that customer satisfaction and revenue growth follow closely behind.
Wen said OPay aims to offer safe and innovative solutions while preventing its platform from being used for money laundering or fraud.
