The Economic and Financial Crimes Commission (EFCC) has urged Opay to strengthen its compliance systems and prevent its platform from being used for fraud or money laundering. EFCC Chairman Ola Olukoyede delivered the warning during a courtesy visit by Opay CEO Steven Wen and senior company executives to the agency’s headquarters.
Olukoyede, represented by Chief of Staff Commander Michael Nzekwe, said strict adherence to regulations—including robust Know-Your-Customer (KYC) procedures—was essential for safeguarding Nigeria’s financial ecosystem. EFCC investigators also warned about insider abuse, emphasising the need for tighter controls around hiring and internal system access.
Wen said Opay prioritises regulatory compliance, customer satisfaction and revenue growth, adding that compliance remains non-negotiable for the company.
Nigeria’s fintech sector has come under heightened regulatory pressure in recent months. Several major fintechs, including Opay and Moniepoint, were fined by the Central Bank of Nigeria for compliance failures. Earlier this year, the CBN temporarily halted new customer onboarding for multiple fintechs due to concerns over money-laundering risks and illicit foreign-exchange transactions.
