In a move to strengthen its relationship with Nigerian financial regulators, the executive leadership of OPay recently paid a courtesy visit to the Economic and Financial Crimes Commission (EFCC) headquarters in Abuja. During the meeting, OPay’s Global CEO, Steven Wen, stated unequivocally that adherence to Nigerian laws and regulations is the company’s highest operational priority.
Wen outlined the fintech giant’s business philosophy, describing it as resting on three pillars: regulatory compliance, customer satisfaction, and sustainable growth. He emphasized that of these three, compliance is non-negotiable. “The most important thing in our company is compliance with local laws and regulations,” Wen told the commission. “Second is customer satisfaction through innovative solutions that solve real customer problems. Third is revenue growth. But for us, compliance remains a red line we cannot cross.”
The visit highlights the increasing scrutiny on the fintech sector in Nigeria, particularly regarding fraud prevention and Know Your Customer (KYC) protocols. Wen assured the anti-graft agency that OPay is committed to investing in the necessary technology, systems, and personnel to ensure transparency and trust within the financial ecosystem.
The Executive Chairman of the EFCC, Ola Olukoyede, represented at the meeting by his Chief of Staff, Michael Nzekwe, welcomed the visit and commended OPay for its proactive engagement. However, the Commission also used the opportunity to issue a firm charge to the company. Nzekwe urged OPay to tighten its internal controls to prevent the platform from being exploited for illicit activities.
“Work on 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,” Nzekwe stated. He further noted the importance of the company maintaining a robust stance against financial crimes to support the stability of Nigeria’s economy.
The EFCC also acknowledged OPay’s contribution to the local economy, specifically praising the fact that over 99 percent of the company’s workforce consists of Nigerians.
Adding to the Commission’s advice, Abdulkarim Chukkol, the Director of Investigations at the EFCC, warned about the dangers of insider threats. He advised the fintech company to look beyond basic Central Bank of Nigeria (CBN) requirements. “System integrity is very important,” Chukkol said. “Beyond meeting CBN requirements, you must go the extra mile. Insider abuse can undermine even the most secure systems, so strong recruitment and internal controls are essential.”
OPay, which was established in 2018, reiterated its readiness to collaborate closely with regulators to enhance consumer protection and support the federal government’s digital financial inclusion agenda. The company currently offers a variety of payment services and is licensed by the CBN and insured by the NDIC.
