Don’t Allow Your Company to Be Used for Money Laundering, EFCC Tells OPay

The Economic and Financial Crimes Commission has urged the management and staff of OPay to strengthen compliance with anti‑money laundering and fraud prevention regulations as part of broader efforts to safeguard the integrity of financial services and support economic growth.

EFCC Chairman Ola Olukoyede made the call during a courtesy visit by OPay Chief Executive Officer Steven Wen and other senior executives to the commission’s headquarters in Abuja on Thursday, advising the fintech company to prioritise adherence to extant laws governing financial operations. “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,” Olukoyede said, emphasising the need for robust internal controls.

The chairman, speaking through the Chief of Staff to the EFCC Chairman, Michael Nzekwe, highlighted anti‑corruption mechanisms as drivers of economic growth and stressed that regulatory compliance must extend beyond formal directives into consistent practice across business operations.

He also commended OPay for its local content employment strategy, noting the high proportion of local employees while reiterating the importance of practical compliance with all applicable laws.

Abdulkarim Chukkol, Director of Investigations at the EFCC, underscored the importance of protecting system integrity within the company and urged vigilance against insider abuse, noting that even well‑designed systems can be compromised if personnel with the ability to circumvent controls are employed.

Chukkol said that in relation to customer verification, OPay should go “the extra mile” to ensure that its practices meet regulatory and risk‑mitigation standards.

OPay Chief Executive Officer Steven Wen said the company places the highest priority on regulatory compliance and customer satisfaction, and confirmed that adherence to local laws remains a fundamental boundary for the business as it pursues growth and innovation.

Wen emphasized that compliance is essential to maintaining customer trust and ensuring sustainable operations within Nigeria’s regulatory framework.