The Economic and Financial Crimes Commission (EFCC) has urged Opay to make strict compliance with Nigerian financial regulations a central principle of its operations to safeguard the integrity of its platforms and prevent exploitation by fraudsters and money launderers.
EFCC Chairman, Mr. Ola Olukoyede, delivered the warning on Thursday, 11 December 2025, during a courtesy visit by Opay’s Chief Executive Officer, Mr. Steven Wen, and senior executives to the Commission’s headquarters in Abuja. Olukoyede was represented by his Chief of Staff, Commander of the EFCC, CE Michael Nzekwe.
Nzekwe said the EFCC under Olukoyede is committed to using anti-corruption efforts as a catalyst for economic growth, emphasising that financial service providers must uphold all regulatory requirements.
“Work on Know Your Customer (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,” he said. He also commended Opay for prioritising local content in its workforce, noting that employing 99 percent Nigerians was commendable but must be accompanied by demonstrable compliance with all local laws.
Director of Investigations, CE Abdulkarim Chukkol, reinforced the message, stressing the need for strong systems integrity within the organisation. He warned that insider abuse remains one of the most critical threats to financial institutions.
“Systems integrity is very important. It is not enough to follow only what the CBN provides — you must go the extra mile,” he said. “No matter how tight your system is, when you bring in someone who can ‘do and undo,’ everyone is at risk.”
Responding, Wen affirmed that Opay places premium value on compliance, customer satisfaction and sustainable revenue generation.
“The most important thing in our company is compliance with local laws and regulations,” he said. “Customer satisfaction and innovation come next, followed by revenue growth. Compliance with the law is a red line we cannot cross.”
The EFCC said it expects Opay and similar fintech operators to strengthen internal controls, improve due diligence processes and actively collaborate with regulators to combat economic and financial crimes.
