By Sarah Sam Adda
The Economic and Financial Crimes Commission (EFCC), has called on OPay to enhance regulatory compliance to prevent fraud and money laundering, amid increased scrutiny of Nigeria’s fintech sector.
EFCC Chairman Ola Olukoyede, through his Chief of Staff, Michael Nzekwe, delivered the warning during a visit by OPay CEO Steven Wen and senior executives to the commission’s headquarters on Thursday.
He stressed the importance of strict adherence to laws for business integrity and economic growth.
Olukoyede urged OPay to strengthen Know Your Customer (KYC), processes and avoid enabling criminal activities.
“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,” he said.
EFCC Director of Investigation Abdulkarim Chukkol warned against insider abuse, calling for robust system integrity and vetting beyond the CBN’s basic KYC requirements.
Responding, OPay CEO Wen reaffirmed the company’s commitment to compliance, emphasizing that legal adherence comes first, alongside customer satisfaction and responsible revenue growth.
