In a crucial move reflecting growing regulatory focus on Nigeria’s booming fintech landscape, the Economic and Financial Crimes Commission (EFCC) has issued a stern call to OPay, one of the country’s largest digital financial services platforms, to strengthen its anti-money laundering (AML) defences, tighten customer verification practices, and uphold uncompromising compliance with Nigerian laws. The directive reinforces the government’s broader effort to curb financial crime and fortify the integrity of digital finance.
EFCC’s Message to OPay: Compliance Is Non-Negotiable
During a high-profile courtesy visit by OPay’s Chief Executive Officer, Mr. Steven Wen, and senior executives to the EFCC headquarters in Abuja, EFCC Chairman Mr. Ola Olukoyede conveyed a powerful message: fintech firms must make regulatory compliance the foundation of their operations. Speaking through the Commission’s Chief of Staff, Michael Nzekwe, Olukoyede emphasised that anti-money laundering (AML) and know-your-customer (KYC) protocols are not optional but essential tools in preventing fraud, laundering, and other illicit financial activities.
The Chairman’s message was clear and decisive: “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.” This statement underscores the pivotal role of financial institutions in safeguarding Nigeria’s economic ecosystem.
Why This Matters: Fintech Growth Meets Regulatory Scrutiny
Nigeria’s fintech sector has experienced exponential growth over the past decade, with platforms like OPay, Flutterwave, and others driving financial inclusion, digital payments, and new economic opportunities. But with rapid expansion comes increased scrutiny from regulators eager to ensure these systems are not exploited for illicit gains.
Financial crime regulators worldwide — including the EFCC — have intensified enforcement efforts in response to emerging risks tied to digital finance. Weak AML controls and lax customer verification can create vulnerabilities that fraudsters exploit, undermining trust and destabilising markets. In this context, the EFCC’s call to OPay is a proactive measure aimed at strengthening the fintech ecosystem as a whole.
System Integrity: Beyond Basic Compliance
EFCC’s Director of Investigations, Abdulkarim Chukkol, also highlighted the importance of internal controls and systems integrity, warning that the strongest external safeguards can be compromised by internal threats if not matched with robust oversight. He urged that fintech platforms go “the extra mile” beyond standard requirements, reinforcing culture and systems that prevent both external breaches and insider abuse.
This guidance aligns with global best practices that stress a holistic approach to risk management, combining technology, people, and procedures to prevent fraud and financial crime at every level of operation.
OPay’s Response: Commitment to Compliance and Innovation
In response, OPay’s leadership reaffirmed their dedication to regulatory adherence, customer protection, and ethical business growth. The company highlighted that compliance with local laws remains a “red line” in its strategy, prioritising customer trust and security even as it scales services and seeks new revenue opportunities.
This position not only reflects sound corporate governance but also sends a positive signal to regulators and users alike that fintech innovation can thrive within strong legal frameworks.
