The Economic and Financial Crimes Commission (EFCC) has urged OPay to prioritise strict compliance with Nigeria’s financial regulations as a core operational principle, stressing that such commitment is crucial to protecting the company from being exploited for money laundering and other fraudulent activities. EFCC also patted OPay on its back for its strong adoption of local content in its workforce.
Ola Olukoyede, Executive Chairman of the EFCC, delivered the charge on Thursday, during a courtesy visit by Steven Wen, OPay’s chief executive officer and other senior executives to the Commission’s headquarters in Abuja.
Olukoyede was represented by Michael Nzekwe, his Chief of Staff, Commander of the EFCC.
Olukoyede, said the Commission remained committed to using anti-corruption measures to support economic growth, noting that financial technology companies must strengthen compliance frameworks and uphold the highest integrity standards.
“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 cautioned.
He commended OPay for its strong adoption of local content in its workforce, noting that its 99 percent Nigerian staff profile was commendable, but stressed that compliance must be reflected not only in policy statements but also in daily operations.
Abdulkarim Chukkol, Director of Investigation at the EFCC, urged OPay to take system integrity and insider threats seriously.
“Systems integrity is very important. KYC should go beyond what the CBN has provided you have to go the extra mile.
“Insider abuse is very rampant. No matter how tight your system is, if you hire someone who can compromise it, then everyone is at risk”, he said.
Read also: EFCC warns against misuse of new procurement limits
Responding, Steven Wen, OPay CEO said the company places compliance at the centre of its corporate values, alongside customer satisfaction and sustainable revenue growth.
“The most important thing in our company is compliance with local laws and regulations.
“Second is customer satisfaction, how we use innovative solutions to solve customer problems and provide value. Third is revenue growth. But compliance is a red line we cannot cross”, Wen said.
