The Economic and Financial Crimes Commission (EFCC) has cautioned digital banking firm OPAY to strengthen compliance systems as regulatory scrutiny on Nigeria’s fintech sector intensifies, using the enforcement keyword compliance.
Okay News reports that the warning was issued during a courtesy visit by OPAY’s chief executive officer Steven Wen and other executives to the EFCC headquarters, where discussions focused on financial integrity and compliance.
EFCC chairman Ola Olukoyede, speaking through his chief of staff Michael Nzekwe, said fintech operators must embed compliance at every level to prevent fraud and protect Nigeria’s financial ecosystem.
The anti-graft agency stressed that effective Know Your Customer processes remain central to compliance, warning that weak customer verification exposes platforms to fraud and money laundering risks.
Olukoyede said companies must go beyond minimum regulatory standards by investing in compliance frameworks that proactively detect suspicious transactions and prevent criminal exploitation.
He warned that failure to prioritise compliance could undermine investor confidence and damage the credibility of Nigeria’s rapidly expanding digital finance sector.
The EFCC also highlighted insider threats as a growing compliance challenge, urging OPAY to strengthen internal controls and employee screening to reduce system abuse.
Director of Investigation Abdulkarim Chukkol said robust compliance requires continuous monitoring of staff access privileges to prevent individuals from compromising transaction systems.
Chukkol added that compliance obligations extend beyond Central Bank of Nigeria guidelines, urging fintech firms to adopt global best practices in fraud prevention.
The EFCC commended OPAY’s high local workforce participation, noting that local employment supports compliance with national content policies and economic development goals.
OPAY chief executive Steven Wen said compliance remains a non-negotiable priority for the company, alongside customer satisfaction and sustainable revenue growth.
Wen said OPAY’s compliance strategy focuses on aligning innovation with regulatory expectations while delivering secure financial services to millions of users.
He assured regulators that OPAY will continue investing in advanced compliance technology to strengthen customer verification and transaction monitoring.
The engagement reflects the EFCC’s broader compliance enforcement drive targeting financial institutions as Nigeria intensifies efforts to combat economic crimes.
Regulators believe stronger compliance standards across fintech platforms will help reduce fraud, improve transparency, and reinforce confidence in the digital payments system.
The EFCC said continued collaboration between regulators and fintech firms is essential to building a resilient, compliant, and trustworthy financial sector.
