The Economic and Financial Crimes Commission (EFCC) has issued a stern warning to OPay, urging the fintech giant to tighten its regulatory compliance framework and guard against money laundering and fraudulent activities that could exploit its platform.
The warning came during a courtesy visit by OPay’s executive team to the EFCC headquarters in Abuja on Thursday, December 12, 2025, signaling heightened regulatory scrutiny of Nigeria’s rapidly growing fintech sector.
A Proactive Engagement—Not an Investigation
Steven Wen, OPay’s Global CEO, led the company’s senior management team to the anti-graft agency’s headquarters in what both parties described as a proactive engagement aimed at strengthening collaboration between regulators and fintech operators.
During the meeting, Wen reaffirmed that regulatory compliance remains OPay’s top operational priority, describing it as a “red line” the company will never cross.
“The most important thing in our company is compliance with local laws and regulations. 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,” Wen stated.
He pledged that OPay would continue investing in systems, technology, and personnel to enhance transparency, integrity, and trust within Nigeria’s financial ecosystem.
EFCC’s Blunt Message: Go Beyond Minimum Standards
Ola Olukoyede, Executive Chairman of the EFCC—represented by his Chief of Staff, Michael Nzekwe—commended OPay’s proactive approach but delivered a clear message: compliance must be more than lip service.
“Work on Know Your Customer (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 emphasized.
The EFCC stressed that while OPay’s 99% Nigerian workforce is commendable, the company must ensure compliance is reflected in daily operations, not just policy documents. Nzekwe noted that the Commission remains committed to using anti-corruption frameworks to stimulate economic growth, but fintechs must uphold the highest integrity standards.
The Insider Threat Warning
In a particularly pointed moment, Abdulkarim Chukkol, EFCC’s Director of Investigation, highlighted a critical vulnerability: insider abuse.
“Systems integrity is very important. KYC should go beyond what the CBN has provided—you have to go the extra mile,” Chukkol warned. “Insider abuse is very rampant. No matter how tight your system is, if you hire someone who can compromise it, then everyone is at risk.”
This warning underscores growing concerns about internal threats within fintech companies, where employees with system access could potentially facilitate fraud, bypass security protocols, or leak sensitive customer data.
Why This Meeting Matters
The EFCC-OPay engagement reflects broader trends in Nigeria’s fintech regulation:
1. Regulatory Tightening As digital payment adoption accelerates—driven by OPay, PalmPay, Moniepoint, and others—regulators are intensifying oversight to prevent the sector from becoming a conduit for illicit financial flows.
2. Beyond CBN Compliance The EFCC’s message is clear: meeting Central Bank of Nigeria requirements is baseline. Fintechs must implement additional safeguards, particularly around KYC processes, transaction monitoring, and internal controls.
3. Industry-Wide Signal While this meeting focused on OPay, the EFCC’s warnings likely serve as a message to the entire fintech sector. With millions of daily transactions flowing through these platforms, any compliance gaps could have systemic implications.
4. Trust and Legitimacy For OPay—which has faced scrutiny in the past over transaction limits and regulatory concerns—this public commitment to compliance may help rebuild trust with regulators and reinforce its legitimacy as Nigeria’s leading mobile money platform.
OPay’s Position in Nigeria’s Fintech Landscape
Established in 2018, OPay has grown into one of Nigeria’s dominant fintech players, offering money transfers, bill payments, card services, airtime purchases, and merchant payments. The platform is licensed by the CBN and insured by the NDIC with coverage comparable to commercial banks.
OPay’s success has been built on its extensive agent network, user-friendly interface, and aggressive market expansion. However, rapid growth has also attracted regulatory attention, with authorities keen to ensure that innovation doesn’t outpace compliance.
What Happens Next?
Following the meeting, OPay reiterated its commitment to collaborating closely with regulators to strengthen consumer protection, enhance financial system safety, and support Nigeria’s digital financial inclusion agenda.
The company emphasized its three-pillar philosophy—regulatory compliance first, customer satisfaction second, and revenue growth third—a hierarchy that places legal adherence at the center of its business model.
For the EFCC, this engagement is part of its broader mandate to combat economic crimes while supporting legitimate businesses that drive economic growth. The Commission has been particularly active in 2025, pursuing cybercrime cases, recovering funds for fraud victims, and strengthening Nigeria’s anti-money laundering framework.
The Bigger Picture
This EFCC-OPay meeting is emblematic of the delicate balance regulators must strike: encouraging fintech innovation while preventing criminal exploitation of digital payment systems.
As Nigeria’s cashless policy gains momentum and more Nigerians embrace digital transactions, the stakes for getting this balance right have never been higher. Fintech platforms handle millions of transactions daily—from small-scale merchant payments to large remittances—making them attractive targets for money launderers, fraudsters, and other bad actors.
The EFCC’s message is straightforward: innovation is welcome, but only when built on a foundation of robust compliance, ethical operations, and unwavering commitment to financial integrity.
For OPay and its fintech peers, the path forward is clear—invest heavily in compliance infrastructure, exceed minimum regulatory standards, and treat trust as their most valuable asset. In an environment of heightened scrutiny, reputation and regulatory goodwill may prove as important as technology and market share.
What’s your take on the EFCC’s approach to fintech regulation? Are these warnings necessary safeguards, or could they stifle innovation? Share your thoughts in the comments.
and then