By Adesakin Adefemi
The Economic and Financial Crimes Commission (EFCC) has warned fintech company OPAY to treat regulatory compliance as a non-negotiable requirement for continued operations in Nigeria. EFCC Chairman, Ola Olukoyede, emphasized the importance of strict Know Your Customer (KYC) procedures, strong anti-fraud measures, and firm safeguards against money laundering and insider threats.
Olukoyede’s message was delivered by his Chief of Staff, Commander Michael Nzekwe, during a courtesy visit by OPAY CEO Steven Wen and members of the company’s leadership team to the EFCC headquarters in Abuja. Nzekwe stressed the Commission’s position that anti-corruption mechanisms must support genuine economic development.
The EFCC is urging OPAY to “make KYC your watchword” and close any loopholes that could enable fraudulent practices. This warning highlights the Commission’s commitment to ensuring that fintech companies operate with integrity and transparency.
Director of Investigations, Abdulkarim Chukkol, also warned that system integrity relies not only on technology but on the character of staff. “No matter how tight your technology is, one bad insider can compromise everything,” he said. This statement underscores the importance of vetting and monitoring staff to prevent internal threats.
The EFCC commended OPAY for maintaining a 99 per cent Nigerian workforce and described the company’s commitment to local content as “worthy of emulation.” This recognition acknowledges OPAY’s efforts to contribute to Nigeria’s economic growth and development.
OPAY CEO Steven Wen reaffirmed that compliance remains the company’s top priority. “For us, compliance with local laws and regulations is the red line we will never cross. After compliance comes customer satisfaction, then revenue growth,” he said.
Both sides agreed to strengthen their collaboration to ensure Nigeria’s fintech environment remains safe, transparent, and attractive to investors. This partnership is crucial for promoting trust and confidence in Nigeria’s financial sector.
The EFCC’s warning serves as a reminder to fintech companies to prioritize compliance and adhere to regulatory requirements. Failure to do so may result in severe consequences.
The meeting represents a significant step towards promoting a culture of compliance and transparency in Nigeria’s fintech sector, and other companies are expected to take note.
