The Economic and Financial Crimes Commission (EFCC) has urged Opay to strengthen its Know Your Customer (KYC) processes and fully comply with regulatory requirements to curb fraud and money laundering risks within its platform.
EFCC Executive Chairman, Ola Olukoyede, delivered the charge during a courtesy visit by Mr Steven Wen, Opay’s Chief Executive Officer, and senior executives to the Commission’s headquarters in Abuja on Thursday, December 11, 2025.
Speaking through Commander Michael Nzekwe, his Chief of Staff, Olukoyede said the Commission expects strict adherence to KYC requirements and financial regulations. “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,” he said, noting that compliance serves not only as a legal obligation but also as a catalyst for economic growth.
“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,” he said, noting that compliance serves not only as a legal obligation but also as a catalyst for economic growth.
EFCC: With 99% Nigerian workforce, Opay places priority on local content
Olukoyede also commended Opay for prioritising local content in its employment strategy, stating that 90% of the company’s workforce is Nigerian. “We must commend you for that, but then again it is also important to reiterate the need for compliance with local laws. It is very important because you have to ensure it is not just by word of mouth but more by action that you comply with the local laws,” he added.
Commander Abdulkarim Chukkol, Director of Investigation at EFCC, underscored the importance of systems integrity and internal controls. “It is not enough for us to say let us just follow only what the CBN has given us, but again, you have to go the extra mile. I also want to give advice on the people that you employ. Sometimes insider abuse is very rampant; no matter how tight your system is, when you bring in somebody that can do and undo, then definitely everybody is at risk,” he said.
The call by the anti-graft agency comes amid heightened regulatory scrutiny of Nigeria’s fintech sector. The Central Bank of Nigeria (CBN) recently fined fintech operators, including Opay and Moniepoint, ₦1 billion each following compliance lapses uncovered during routine audits, with several other players also penalised. In April 2024, the CBN directed leading fintech platforms, Opay, Palmpay, Kuda and Moniepoint, to temporarily suspend onboarding new customers over concerns relating to illicit foreign exchange transactions and weak compliance processes.
Responding, Wen reaffirmed Opay’s commitment to regulatory compliance, describing it as a non-negotiable principle guiding the company’s operations. “The most important thing in our company is compliance with local laws, compliance with local regulations. Second is customer satisfaction, how we use innovative solutions to solve our customer problems and provide them value. Then, number three is how to grow our revenue. We believe that compliance with the law is a red line we cannot cross,” he said.
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