The Economic and Financial Crimes Commission (EFCC) has issued a strong compliance warning to OPay, urging the fintech company to strengthen its Know-Your-Customer (KYC) processes, tighten anti-fraud safeguards, and prevent insider abuse across its operations.
The directive was delivered by EFCC Chairman, Mr. Ola Olukoyede, during a courtesy visit by OPay CEO, Steven Wen, and senior executives to the Commission’s headquarters. The meeting comes amid heightened regulatory scrutiny of fintechs as authorities push for stronger anti-money laundering controls within the digital financial ecosystem.
EFCC: “Don’t Allow Your Platform to Be Used for Fraud”
Speaking through the Chairman’s Chief of Staff, Commander Michael Nzekwe, the EFCC emphasized that compliance is essential for economic growth and business sustainability.
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Olukoyede urged OPay to enforce strict KYC measures and prevent its platform from being exploited for money laundering or other financial crimes.
“Work on Know Your Customer (KYC). Don’t give room for fraud. Don’t allow your company to be used for money laundering. Comply with every law of the land,” he said.
He commended OPay’s predominantly local workforce, noting that 99% of its staff in Nigeria are locally employed. However, he stressed that regulatory compliance must go beyond verbal commitment.
“It is important to show through action not just words that you comply with local laws.”
EFCC Flags Insider Abuse Risks
EFCC Director of Investigations, Abdulkarim Chukkol, warned that insider threats remain a serious risk for financial institutions.
“System integrity is very important. KYC alone is not enough, you must go the extra mile. Insider abuse is rampant. No matter how strong your systems are, a single compromised employee puts everyone at risk.”
OPay Reaffirms Commitment to Compliance
OPay CEO Steven Wen reassured the Commission that the fintech places regulatory compliance at the core of its operations.
He said OPay prioritizes:
Compliance with Nigerian regulations
Customer satisfaction
Sustainable revenue generation
He stressed that regulatory adherence remains “a non-negotiable boundary” for the company.
Regulators Tighten Grip on Fintech Sector
Nigeria’s fintech industry has been facing intensified regulatory enforcement, especially regarding KYC, anti-money laundering (AML), and customer-protection standards.
Recall that 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 penalized. 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.
Also, 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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