By Erewunmi Peace

The Economic and Financial Crimes Commission (EFCC) has delivered an important regulatory message to leading Nigerian fintech company OPay, urging the firm to strengthen its compliance framework and tighten security around customer verification and financial transactions.

The EFCC Chairman, Ola Olukoyede, gave the warning during a courtesy visit by OPay executives at the EFCC headquarters in Abuja on Thursday, December 11, 2025. The meeting focused on improving cooperation between law-enforcement agencies and financial technology platforms.

According to the EFCC, the rapid growth of digital banking in Nigeria has also come with a surge in online fraud and money-laundering attempts. The commission therefore stressed that fintech companies must take more proactive steps to protect their platforms.

Olukoyede emphasized that OPay must enhance Know Your Customer (KYC) processes, prevent unauthorized transactions, and ensure strict compliance with Nigeria’s anti-money-laundering regulations. He added that while digital finance supports economic growth, it must not become a safe haven for cybercriminals.

In response, OPay’s Chief Executive Officer, Steven Wen, reassured the EFCC that the company is committed to full regulatory compliance. He stated that customer safety, transparency, and operational integrity remain top priorities for the organization. Wen also expressed OPay’s willingness to work more closely with the EFCC to curb fraudulent activities on digital payment channels.

The meeting highlights Nigeria’s increased attention to digital financial security as millions of citizens rely on mobile banking apps for everyday transactions.

OPay continues to operate normally, and the EFCC’s message is part of ongoing efforts to strengthen oversight in the fintech sector and protect consumers.