According to a report by PM News Nigeria on Thursday, Dec. 11, 2025, the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has urged the management and staff of OPay to make regulatory compliance a top priority to safeguard business integrity and prevent avenues for money laundering and fraud.
The charge was delivered on Thursday, December 11, 2025, in Abuja, when the Chief Executive Officer of OPay, Mr. Steven Wen, led a team of senior executives on a courtesy visit to the EFCC headquarters. Speaking through his Chief of Staff, Commander Michael Nzekwe, Olukoyede stressed that a central pillar of his leadership is leveraging anti-corruption mechanisms to drive sustainable economic growth.
“Focus on Know Your Customer (KYC) processes, eliminate opportunities for fraud, ensure your company cannot be exploited for money laundering, and comply fully with all applicable laws,” he said. Olukoyede emphasized that adherence to regulations is not just a legal requirement but a critical measure to preserve the company’s reputation and credibility in the financial sector.
He also commended OPay for its local employment initiatives, noting that having ninety-nine percent Nigerian staff is a laudable achievement. “Your commitment to local content is impressive, but compliance must go beyond rhetoric. It requires practical and consistent application in all areas of operations,” he added.
Echoing these points, the EFCC’s Director of Investigations, Commander Abdulkarim Chukkol, highlighted the importance of system integrity. He advised OPay to remain vigilant against insider risks, noting that even robust systems can be compromised if staff are not carefully vetted. “It is not sufficient to rely solely on the Central Bank of Nigeria’s frameworks for KYC. You must implement additional measures, and ensure your recruitment processes minimize the risk of insider abuse,” he said.
In response, OPay CEO Steven Wen affirmed that regulatory compliance, customer satisfaction, and revenue growth remain the company’s guiding priorities. “Compliance with local laws and regulations is our non-negotiable standard. Equally important is delivering innovative solutions that enhance customer experience, while also ensuring sustainable growth in revenue. For us, compliance is a red line we cannot cross,” he stated.
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