Money Laundering: Opay Gets Strict Warning From EFCC

The Economic and Financial Crimes Commission (EFCC) has called on the management and staff of OPay to prioritize their compliance with existing regulations to ensure business integrity and combat fraudulent activities.

This request was conveyed by EFCC Chairman Mr. Ola Olukoyede during a recent courtesy visit to the commission’s headquarters from OPay’s CEO, Mr. Steven Wen, along with other senior executives.

This appeal is particularly timely, as Nigerian fintech companies are currently facing heightened regulatory scrutiny, especially regarding Anti-Money Laundering measures, fraud prevention, and customer verification processes. In his remarks, EFCC Chief of Staff Michael Nzekwe underscored the importance of anti-corruption efforts in fostering economic growth. He urged OPay to maintain rigorous adherence to legal standards across all aspects of its business 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 also praised Opay for its local content employment strategy, noting that

“Your ninety-nine per cent local employees are very good, 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 said.

The Director of Investigation at EFCC, Abdulkarim Chukkol, underscored the importance of safeguarding company systems against insider abuse.

“Systems integrity is also very important to look at, secondly, the KYC, 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.

Opay’s CEO, Wen, highlighted that Opay prioritises regulatory compliance, customer satisfaction, and revenue generation.

He emphasised that the company places the highest importance on adhering to local laws and regulations, followed by ensuring customer satisfaction through innovative solutions that address their needs.

Additionally, he noted that growing revenue remains a key focus, with compliance considered a non-negotiable boundary for the business