“Work On KYC, Don’t Give Room for Fraud” — EFCC Chairman Olukoyede Urges Opay to Intensify Regulatory Compliance

The Economic and Financial Crimes Commission (EFCC) has urged Opay’s management to intensify compliance with all regulatory requirements to safeguard its operations from fraud and money-laundering activities.

The directive was delivered by EFCC Chairman, Mr. Ola Olukoyede, during a courtesy visit by Opay’s Chief Executive Officer, Mr. Steven Wen, and other senior executives to the Commission’s headquarters. The instruction comes at a time when Nigeria’s fintech industry faces heightened regulatory scrutiny, particularly around anti-money laundering (AML) and know-your-customer (KYC) compliance.

Speaking on behalf of the Chairman, EFCC Chief of Staff, Commander Michael Nzekwe, stressed that strict adherence to anti-corruption laws is crucial for economic stability and public trust.

“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 cautioned.

He also commended the fintech firm for its high employment of Nigerians.

“Your ninety-nine per cent local employees are very good; we must commend you for that. But it is important to reiterate that compliance must go beyond words and be seen in your actions,” he added.

EFCC’s Director of Investigations, Abdulkarim Chukkol, warned Opay about the dangers of internal sabotage and poorly secured systems.

“Systems integrity is very important. It is not enough to rely only on what the CBN has given; you must go the extra mile,” he said.

He emphasized that insider abuse remains a major threat:
“No matter how tight your system is, when you bring in somebody that can do and undo, everybody is at risk.”

Opay CEO, Steven Wen, assured the Commission that compliance remains the company’s top priority.

According to him, Opay is committed to regulatory adherence, customer satisfaction, and revenue growth stressing that compliance is a “non-negotiable boundary.”

He explained that the company continues to invest in innovation and system improvements to align fully with regulatory expectations.

Nigeria’s fintech sector has been under increasing regulatory pressure due to concerns over illicit financial flows, weak KYC controls, and fraud risks:

As regulators tighten oversight, the EFCC reiterated that fintech companies must adopt robust measures to prevent money laundering, insider fraud, and operational abuses.

Opay is expected to strengthen its compliance architecture as part of ongoing reforms within the sector.