EFCC Warns OPay, Demands Strict Compliance to Curb Fraud, Money Laundering
By: Israel Adeleke
OPEN TELEVISION NAIJA (OTN) News reports as gathered that the Economic and Financial Crimes Commission (EFCC) has issued a stern compliance directive to mobile money operator, OPay, urging the company to strengthen its internal systems and ensure strict adherence to financial regulations to prevent fraud and money laundering.
OTN News further reports as gathered the warning was delivered on Thursday, December 11, 2025, during a courtesy visit by OPay Chief Executive Officer, Steven Wen, and senior management staff to the EFCC headquarters in Abuja.
The EFCC Chairman, Ola Olukoyede, represented by his Chief of Staff, Commander of the EFCC (CE) Michael Nzekwe, emphasised that the Commission will continue to enforce regulatory compliance as part of its broader agenda to promote economic stability and protect Nigeria’s financial ecosystem.
Nzekwe, speaking on behalf of Olukoyede, said compliance must remain a central pillar of OPay’s operations.
According to him, 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 also commended OPay for maintaining a workforce that is 99 percent Nigerian, describing the localisation of staff as a positive contribution to national development. However, he noted that compliance must be reflected not only in policy statements but in “practical, consistent action.”
Further reinforcing the Commission’s position, Director of Investigations and Commander of the EFCC, CE Abdulkarim Chukkol, warned the fintech company against internal threats, stressing that even the most secure systems are vulnerable to insider abuse.
“Systems integrity is very important,” Chukkol stated. “It is not enough to rely solely on what the CBN has provided. You must go the extra mile. Sometimes insider abuse is very rampant. No matter how tight your system is, if you bring in someone capable of compromising it, then everyone is at risk.”
He urged OPay to enhance its employee vetting procedures, strengthen its KYC frameworks, and ensure that its systems cannot be exploited by criminals or complicit staff.
Responding, OPay CEO Steven Wen reaffirmed the company’s commitment to regulatory compliance, innovation, and customer satisfaction.
“The most important thing for our company is compliance with local laws and regulations. Second is customer satisfaction—how we use innovative solutions to solve customer problems and deliver value. Third is how to grow our revenue. We believe compliance with the law is a red line we cannot cross,” Wen said.
Wen added that OPay would continue to work closely with regulators to enhance trust, improve financial security, and uphold transparency across its operations.
The EFCC leadership, however, restated its commitment to sanitising Nigeria’s financial system, noting that strong compliance practices among fintech operators are essential for combating money laundering and protecting customers from fraud.
The meeting ended with a renewed pledge for cooperation between the EFCC and OPay toward strengthening Nigeria’s digital financial ecosystem.
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