The Economic and Financial Crimes Commission (EFCC) has called on the management and staff of OPay to intensify their commitment to regulatory compliance in order to safeguard the integrity of the financial ecosystem and reduce the prevalence of fraud.
EFCC Chairman, Mr. Ola Olukoyede, made the appeal on Thursday during a courtesy visit to the Commission’s headquarters by OPay’s Chief Executive Officer, Mr. Steven Wen, alongside other senior executives of the company.
Olukoyede stressed that as a major player in Nigeria’s digital payment space, OPay must ensure strict adherence to existing financial regulations and reporting standards. He noted that compliance is essential not only for protecting customers but also for preserving public trust in the nation’s rapidly growing fintech sector.
According to the EFCC boss, the rise of financial technology solutions has come with an increase in technology-enabled financial crimes, making collaboration between regulators and service providers even more crucial. He urged OPay to continually strengthen its internal monitoring systems, Know-Your-Customer (KYC) processes, and fraud-prevention mechanisms.
In his remarks, Opay CEO Steven Wen expressed appreciation to the EFCC for its efforts in combating financial crimes and pledged the company’s readiness to work closely with the Commission. He assured that OPay remains committed to maintaining high standards of transparency and compliance across its operations.
The meeting underscores the ongoing collaboration between regulatory bodies and fintech operators to foster a safer, more trustworthy financial environment for millions of Nigerians who rely on digital payment platforms.
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