The Economic and Financial Crimes Commission has urged Opay to strengthen its compliance systems and ensure that its platforms are not exploited for money laundering or other fraudulent activities. The caution came from the EFCC Chairman, Ola Olukoyede, during a courtesy visit to the commission by Opay Chief Executive Officer, Steven Wen, and senior executives on Thursday.
Olukoyede, represented by the Chief of Staff, Michael Nzekwe, said regulatory compliance remained critical to sustaining public trust in the financial technology sector. He noted that fintech operators must prioritise Know Your Customer procedures and other anti money laundering controls.
He said, “Work on Know Your Customers. Do not give room for fraud. Do not allow your company to be used for money laundering and comply with every law of the land.”
The EFCC boss praised Opay for its significant local workforce, noting that its ninety nine per cent Nigerian staff strength was commendable but must be matched with strict adherence to local laws. He warned that compliance must go beyond verbal commitment.
The Director of Investigation at the EFCC, Abdulkarim Chukkol, advised Opay to fortify its internal systems against insider abuse. He said system integrity should be prioritised, warning that even the best technology could fail if a company hires employees capable of undermining its controls.
Opay CEO Wen said the organisation places the highest priority on legal compliance, customer satisfaction and sustainable revenue growth. He stated that regulatory adherence remains a non negotiable requirement for the company’s operations.
The meeting comes at a time when fintech companies face heightened scrutiny over customer verification lapses, fraud exposure and anti money laundering weaknesses.
