The Economic and Financial Crimes Commission (EFCC) has urged leading Nigerian fintech company OPay to reinforce its compliance framework and ensure absolute adherence to financial regulations designed to safeguard the nation’s economy from fraud and money-laundering activities.
The EFCC Chairman, Ola Olukoyede, made these remarks during a courtesy visit to the Commission’s headquarters in Abuja by OPay’s Chief Executive Officer, Steven Wen, alongside senior executives of the company.
EFCC Emphasizes Strict Adherence to KYC and AML Standards
Olukoyede stressed that as one of Nigeria’s most widely used digital payment platforms, OPay must ensure that its systems remain robust, transparent, and resistant to manipulation. He explained that the rapid rise of digital transactions in the country has come with increased risks, making it essential for fintech firms to strengthen their internal controls.
According to him, compliance must be a culture embedded across all levels of the organization. He highlighted the need for OPay to maintain thorough Know Your Customer (KYC) procedures, ensuring that all customer identities are properly verified to prevent the creation of fake or untraceable accounts. He also emphasized the importance of a strong Anti-Money Laundering (AML) framework, urging the company to remain vigilant in reporting any suspicious financial activity.
Olukoyede reiterated that fraud prevention is not limited to external threats alone. He warned of the dangers posed by insider collaboration or negligence, noting that internal misconduct has been responsible for some of the most sophisticated financial crimes seen in recent years. He encouraged OPay to maintain strict internal audits, monitor staff access levels, and deploy technologies capable of identifying irregularities within its operational structure.
OPay Reaffirms Its Commitment to System Integrity
In his response, OPay CEO Steven Wen reaffirmed the company’s dedication to upholding all regulatory standards required for safe and sustainable financial operations. Wen explained that the company views compliance as a central pillar of its mission, not just a mandatory requirement. He noted that OPay has been investing heavily in advanced security systems, automated verification tools, and continuous staff training to ensure that its platform remains both safe and trustworthy.
Wen also emphasized the company’s willingness to collaborate with the EFCC and other regulatory bodies, stating that such partnerships are essential to protecting customers and ensuring the integrity of Nigeria’s rapidly expanding digital economy.
Context: Increasing Scrutiny of Digital Financial Platforms
The EFCC’s renewed appeal to OPay comes at a time when the fintech sector has become deeply embedded in everyday financial activities across the country. With millions of Nigerians using mobile wallets and app-based payment services, the risks associated with fraud, identity theft, and money laundering have become more pronounced.
Regulators are intensifying oversight to ensure that digital financial platforms operate with the same level of transparency, record-keeping, and consumer protection expected of traditional financial institutions. Fintech companies are therefore expected to demonstrate greater responsibility in safeguarding user data, monitoring transactions, and preventing criminal exploitation of their platforms.
A Strengthened Partnership for a Safer Financial Ecosystem
The conversation between the EFCC and OPay highlights a growing commitment to building a secure digital financial ecosystem in Nigeria—one that encourages innovation while prioritizing integrity and consumer protection. The EFCC’s call for enhanced compliance is expected to further shape industry practices and deepen collaboration between regulators and fintech operators.
