The Economic and Financial Crimes Commission (EFCC) called on the management of Opay to treat regulatory compliance as a core principle during a visit to the commission’s headquarters in Abuja on Thursday, 11 December 2025.
EFCC Chairman Ola Olukoyede, speaking through Chief of Staff Michael Nzekwe, emphasized that adherence to existing laws is essential for maintaining business integrity and preventing money‑laundering and other fraudulent activities.
He urged Opay’s leadership, led by Chief Executive Officer Steven Wen, to strengthen Know‑Your‑Customer (KYC) procedures, avoid facilitating illicit transactions, and demonstrate compliance not only in rhetoric but also through concrete actions.
In his remarks, Olukoyede highlighted the commission’s broader anti‑corruption agenda, which seeks to stimulate economic growth by ensuring a level playing field. He commended Opay for employing a workforce that is 99 percent locally sourced, but stressed that local employment alone is insufficient without rigorous compliance with national regulations.
Director of Investigation Abdulkarim Chukkol echoed this sentiment, stressing the importance of systems integrity and robust internal controls to guard against insider abuse, and urging the company to go beyond the minimum standards set by the Central Bank of Nigeria.
Steven Wen responded by outlining Opay’s strategic priorities: first, the unwavering observance of local laws and regulations; second, enhancing customer satisfaction through innovative solutions; and third, driving revenue growth.
He affirmed that compliance is a non‑negotiable foundation for the company’s operations, underscoring that any breach would undermine its broader objectives. The EFCC’s engagement with Opay reflects a collaborative effort to embed ethical practices within the fintech sector and to safeguard the financial system from abuse.
