The Financial and Monetary Crimes Fee (EFCC) has charged Opay’s administration and workers to prioritize compliance with all present laws to make sure enterprise integrity and stop fraudulent practices.
The directive was given by EFCC Chairman, Mr. Ola Olukoyede, throughout a courtesy go to by Opay’s Chief Govt Officer, Mr. Steven Wen, and different prime managers to the EFCC headquarters.
The instruction comes amid rising scrutiny of fintech firms to strengthen anti-money laundering measures and safeguard system integrity.
What they’re saying
The EFCC boss, talking by the Chief of Workers to the Chairman, Commander Michael Nzekwe, emphasised the position of anti-corruption in stimulating financial development. He urged Opay to uphold strict compliance with legal guidelines in all enterprise operations.
“Work on Know Your Prospects, KYC, don’t give room for fraud, don’t enable your organization for use for cash laundering and adjust to each regulation of the land,” Olukoyede mentioned.
He additionally praised Opay for its native content material employment technique, noting that
“Your ninety-nine per cent native staff are superb, we should commend you for that, however then once more, additionally it is vital to reiterate the necessity for compliance with native legal guidelines. It is vitally vital as a result of it’s a must to guarantee it’s not simply by phrase of mouth however extra by motion that you just adjust to the native legal guidelines,” he mentioned.
Insider abuse and techniques integrity
Abdulkarim Chukkol, Director of Investigation at EFCC, underscored the significance of safeguarding firm techniques in opposition to insider abuse.
“Techniques integrity can also be crucial to have a look at, secondly, the KYC, it’s not sufficient for us to say allow us to simply observe solely what the CBN has given us, however once more, it’s a must to go the additional mile.
I additionally need to give recommendation on the folks that you just make use of, typically insider abuse may be very rampant, irrespective of how tight your system is, once you herald anyone that may do and undo, then positively everyone is in danger,” he mentioned.
Opay’s CEO, Wen, highlighted that Opay prioritizes regulatory compliance, customer satisfaction, and income era. He emphasised that the corporate locations the best significance on adhering to native legal guidelines and laws, adopted by making certain customer satisfaction by modern options that tackle their wants.
Moreover, he famous that rising income stays a key focus, with compliance thought-about a non-negotiable boundary for the enterprise
What it is best to know
Nigeria’s fintech sector has been below elevated scrutiny from regulators, particularly round know‑your‑customer (KYC) requirements and anti‑cash laundering controls.
- The Central Bank of Nigeria (CBN) fined fintech giants OPay and Moniepoint N1 billion every for compliance points found throughout routine audits, with a number of different fintechs additionally penalized. The crackdown comes as these firms, working below microfinance bank licenses, quickly expanded to serve thousands and thousands of customers, prompting issues over customer safety and regulatory oversight.
- In April 2024, the Central Bank of Nigeria (CBN) ordered outstanding fintech platforms, together with Opay, Palmpay, Kuda Bank, and Moniepoint, to halt onboarding of recent prospects for 2 months amid issues that some accounts had been getting used for illicit overseas alternate transactions and as a consequence of weak compliance with regulatory frameworks.
Opay and comparable firms later paused new customer onboarding and took steps equivalent to closing non‑compliant accounts and strengthening safety measures to align with regulatory expectations.