The Economic and Financial Crimes Commission (EFCC) has urged the management and staff of OPay to strengthen compliance with existing regulations to maintain business integrity and prevent avenues for money laundering and fraudulent activities.
The commission, emphasized the importance of adhering to laws such as Know Your Customer (KYC) guidelines and ensuring systems integrity to guard against insider abuse. EFCC officials noted that regulatory compliance should go beyond mere formalities and be actively implemented in the company’s operations.
The warning came during a courtesy visit by OPay’s Chief Executive Officer, Mr. Steven Wen, and other top managers to the EFCC headquarters. The EFCC stressed that compliance, customer protection, and ethical business practices must remain core priorities for the fintech company.
The meeting held yesterday in Abuja, where EFCC Executive Chairman, Mr. Ola Olukoyede, charged the company’s leadership to make regulatory compliance a watchword in all aspects of its 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 commended OPay for its employment of predominantly local staff but reiterated that compliance must be demonstrated through action, not just words.
The Commander CE Abdulkarim Chukkol, Director of Investigation at the EFCC, added, “Systems integrity is very important. KYC compliance is not enough; you must also safeguard against insider abuse. Even the tightest systems can fail if employees exploit them.”
In response, Wen reaffirmed OPay’s commitment to regulatory compliance, customer satisfaction, and revenue growth. “Compliance with local laws is a red line we cannot cross,” he said, emphasizing the company’s dedication to ethical operations and innovative solutions for its customers.
