The Economic and Financial Crimes Commission (EFCC) has charged Opay’s management and staff to prioritise compliance with all existing regulations to ensure business integrity and prevent fraudulent practices.
The directive was issued by EFCC Chairman, Mr Ola Olukoyede, during a courtesy visit by Opay’s Chief Executive Officer, Mr Steven Wen, and other top managers to the EFCC headquarters.
The instruction comes amid growing scrutiny of fintech companies to strengthen anti-money laundering measures and safeguard system integrity.
What they are saying
The EFCC boss, speaking through the Chief of Staff to the Chairman, Commander Michael Nzekwe, emphasised the role of anti-corruption in stimulating economic growth. He urged Opay to uphold strict compliance with laws in all business operations.
“Work on Know Your Customers, KYC, 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,” Olukoyede said.
He also praised Opay for its local content employment strategy, noting that
“Your ninety-nine per cent local employees are very good, we must commend you for that, but then again, it is also important to reiterate the need for compliance with local laws. It is very important because you have to ensure it is not just by word of mouth but more by action that you comply with the local laws,” he said.
Insider abuse and systems integrity
Abdulkarim Chukkol, Director of Investigation at EFCC, underscored the importance of safeguarding company systems against insider abuse.
“System’s integrity is also very important to look at. Secondly, the KYC, it is not enough for us to say let us just follow only what the CBN has given us, but again, you have to go the extra mile.
I also want to give advice on the people that you employ, sometimes insider abuse is very rampant, no matter how tight your system is, when you bring in somebody that can do and undo, then definitely everybody is at risk,” he said.
Opay’s CEO, Wen, highlighted that Opay prioritizes regulatory compliance, customer satisfaction, and revenue generation. He emphasised that the company places the highest importance on adhering to local laws and regulations, followed by ensuring customer satisfaction through innovative solutions that address their needs.
Additionally, he noted that growing revenue remains a key focus, with compliance considered a non-negotiable boundary for the business
What You Should Know
Nigeria’s fintech sector has been under increased scrutiny from regulators, especially around know‑your‑customer (KYC) standards and anti‑money laundering controls.
The Central Bank of Nigeria (CBN) fined fintech giants OPay and Moniepoint N1 billion each for compliance issues discovered during routine audits, with several other fintechs also penalised. The crackdown comes as these companies, operating under microfinance bank licenses, rapidly expanded to serve millions of users, prompting concerns over customer protection and regulatory oversight.
In April 2024, the Central Bank of Nigeria (CBN) ordered prominent fintech platforms, including Opay, Palmpay, Kuda Bank, and Moniepoint, to halt onboarding of new customers for two months amid concerns that some accounts were being used for illicit foreign exchange transactions and due to weak compliance with regulatory frameworks.
Opay and similar companies later paused new customer onboarding and took steps such as closing non‑compliant accounts and strengthening security measures to align with regulatory expectations.
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