Efcc urges Opay to tighten anti-money laundering controls
The Economic and Financial Crimes Commission (EFCC) has called on OPay to strengthen its compliance with anti-money laundering regulations. During a meeting at the EFCC headquarters on June 5, 2025, EFCC officials stressed the importance of robust fraud prevention and customer verification. OPay’s CEO, Steven Wen, assured the commission of the company’s commitment to regulatory compliance and customer satisfaction. The discussion comes amid heightened scrutiny of fintech firms in Nigeria.
What we know
- EFCC Chairman Ola Olukoyede urged OPay to prioritize compliance with all Nigerian laws during a meeting on June 5, 2025.
- The EFCC highlighted the need for stronger Know Your Customer (KYC) processes and warned against allowing the company to be used for money laundering.
- OPay was commended for its high rate of local employment but reminded that compliance must be demonstrated in practice, not just in words.
- EFCC’s Director of Investigation, Abdulkarim Chukkol, cautioned about insider abuse and stressed the importance of system integrity.
- OPay CEO Steven Wen reaffirmed the company’s focus on regulatory compliance, customer satisfaction, and revenue growth.
