(DDM) – The Economic and Financial Crimes Commission has issued a fresh directive to the management of Opay, urging the financial technology company to make strict compliance with Nigerian regulations a foundational principle of its operations to safeguard integrity and prevent money laundering abuses.
The call was made on Thursday, December 11, 2025, during a courtesy visit by Opay’s Chief Executive Officer, Mr. Steven Wen, and other senior managers to the EFCC Headquarters in Abuja, where the leadership of the commission emphasized that regulatory adherence is crucial to the nation’s financial stability.
DDM gathered that EFCC Chairman, Mr. Ola Olukoyede, speaking through his Chief of Staff, Commander of the EFCC CE Michael Nzekwe, told the delegation that one of his core commitments is leveraging anti-corruption mechanisms to stimulate sustainable growth in Nigeria’s economy.
Olukoyede stressed that Opay, as a major player in the financial technology ecosystem, must uphold the highest operational standards to avoid being used as a vehicle for fraud or money laundering.
He reminded the Opay team that institutions operating in the digital finance space must strengthen their Know Your Customer processes and avoid shortcuts that could expose the financial system to criminal exploitation.
He emphasized that the company must “work on 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.”
The EFCC chairman also commended Opay for its local employment policy, noting that 99 percent of its staff are Nigerians.
He said this aligns with the federal government’s push for local content development.
However, he insisted that compliance must be demonstrated through actions and not mere declarations.
He stressed that adherence to Nigerian laws must reflect in the company’s internal practices, digital frameworks, and customer verification methods.
Also speaking, the EFCC Director of Investigation, Commander CE Abdulkarim Chukkol, reiterated the need for systems integrity within Opay’s operations.
He cautioned the company against internal sabotage, noting that insider abuse remains one of the biggest threats to financial institutions worldwide.
Chukkol warned that even the most advanced digital systems could be compromised if vulnerable employees are brought into the organization.
He urged Opay to maintain rigorous recruitment screenings, strengthen background checks, and implement ongoing employee monitoring protocols.
According to him, fintech companies must go beyond Central Bank of Nigeria guidelines and adopt additional protective measures to prevent internal manipulation.
Earlier, Opay CEO Steven Wen assured the EFCC that the company places top priority on compliance, customer satisfaction and sustainable revenue growth.
Wen explained that Opay considers adherence to local laws a “red line” that cannot be crossed.
He added that the company is continually innovating to deliver solutions that provide value for its millions of users across Nigeria.
He further stated that Opay remains committed to improving customer safety, expanding service reliability and maintaining the trust of Nigerian consumers.
Industry observers say the EFCC’s warning underscores the rising scrutiny on fintech platforms amid increasing concerns over cybercrime, fraudulent transactions and identity theft.
Analysts note that the commission’s emphasis on KYC and insider risk highlights the growing complexity of Nigeria’s digital financial space.
The meeting ended with a renewed understanding between both institutions, with Opay pledging a deeper partnership with the EFCC to enhance national financial security.
