The Economic and Financial Crimes Commission, EFCC, has urged Opay to place strict adherence to Nigeria’s financial regulations at the centre of its operations to safeguard its platforms from misuse.
The reminder followed a courtesy visit to the EFCC headquarters in Abuja by Opay’s Chief Executive Officer, Mr. Steven Wen, and senior members of his team, as posted on the Commission’s Facebook page.
During the meeting held on Thursday, December 11, 2025, the EFCC Chairman, Mr. Ola Olukoyede, represented by his Chief of Staff, Commander Michael Nzekwe, stressed that the Commission’s drive was rooted in deploying anti-corruption mechanisms to support economic growth. He asked the visitors to stay aligned with all existing laws guiding financial services.
“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. He also praised Opay for embracing local content in its staffing structure.
“Your ninety-nine percent 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 that it is not just by word of mouth but more by action that you comply with the local laws.”
Director of Investigation, Commander Abdulkarim Chukkol, underscored the need for system integrity and warned that internal compromises pose risks that no technology can fully prevent.
“System’s integrity is also very important to look at. Secondly, the KYC 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.
Responding, Wen reaffirmed that Opay places a premium on regulatory compliance, customer satisfaction and revenue growth.
“The most important thing in our company is compliance with local laws, compliance with local regulations, second is customer certification, and how we use innovative solutions to solve our customer problems to 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.
