EFCC Warns OPay to Strengthen Compliance and Prevent Money Laundering
The Economic and Financial Crimes Commission (EFCC) has issued a strong advisory to OPay, urging the fintech giant to make strict compliance with Nigerian regulations a core part of its operations.
This call was made on Thursday, December 11, 2025, when OPay CEO, Steven Wen, led a delegation to the EFCC headquarters in Abuja.
EFCC Emphasizes Zero Tolerance for Fraud and Money Laundering
Speaking on behalf of the EFCC Chairman, Mr. Ola Olukoyede, the Chief of Staff, Commander Michael Nzekwe, stressed that the Commission is fully committed to using anti-corruption mechanisms to stimulate and protect Nigeria’s economy.
He highlighted the need for OPay to ensure that its systems and processes do not create opportunities for money laundering, fraud, or other illicit transactions.
Key Compliance Areas Highlighted by EFCC
Olukoyede urged OPay to reinforce:
- Know Your Customer (KYC) procedures
- Anti-money laundering safeguards
- Strict monitoring of customer activities
- Full adherence to all Nigerian financial laws
He commended OPay’s impressive 99% local employee workforce, noting that the company must go beyond words and demonstrate compliance through action.
Systems Integrity Must Be a Priority — EFCC Investigation Directorate
Also speaking, the Director of Investigation, Commander Abdulkarim Chukkol, stressed the importance of systems integrity in preventing internal and external abuses.
He noted that even the most secure platforms can be compromised by insider threats if companies fail to hire carefully and monitor internal operations.
“No matter how tight your system is, bringing in one wrong employee can put everyone at risk,” Chukkol warned.
He further advised OPay to go beyond basic Central Bank of Nigeria (CBN) requirements and adopt enhanced due-diligence standards.
OPay Reaffirms Commitment to Compliance and Customer Protection
In response, OPay CEO Steven Wen reaffirmed that the company places compliance, customer satisfaction, and sustainable revenue growth at the heart of its business strategy.
He emphasized that OPay sees regulatory compliance as a “red line” that cannot be crossed.
OPay’s Three Operational Priorities
- Compliance with local laws and regulations
- Customer satisfaction through innovative solutions
- Revenue growth anchored on responsible practices
Wen assured the EFCC that OPay is committed to strengthening internal controls, improving oversight, and enhancing its anti-fraud systems.
Why the Meeting Matters to Nigeria’s Digital Finance Ecosystem
The EFCC’s engagement with OPay reflects Nigeria’s increasing focus on safeguarding the fast-growing fintech sector. With millions of Nigerians relying on digital payment platforms, regulatory compliance is critical to:
- Protecting users’ funds
- Enhancing trust in digital finance
- Preventing fraud, money laundering, and cybercrime
- Strengthening national economic stability
Conclusion
The meeting between the EFCC and OPay underscores the importance of integrity, transparency, and compliance in Nigeria’s financial ecosystem.
As the fintech sector expands, both the regulators and operators reaffirmed their commitment to ensuring a secure digital payment landscape for all Nigerians.
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