The Economic and Financial Crimes Commission (EFCC) has charged Fintech Mobile Money Operating Company, Opay, to ensure “business integrity” in its dealings, as well as, “block avenues for money laundering and fraudulent practices”.
Nigeria’s anti-corruption body said, Opay must “make compliance with existing registrations a watchword”.
The charge was issued by the EFCC Chairman, Mr Ola Olukoyede, when Mr. Steven Wen, CEO Opay, visited the EFCC headquarters in Abuja on Thursday 11 December, 2025.
According to the EFCC: “The Executive Chairman of the Economic and Financial Crimes Commission, Mr. Ola Olukoyede has charged the management and staff of Opay to make compliance with existing regulations a watchword to ensure business integrity and block avenues for money laundering and fraudulent practices.
“The EFCC boss, who spoke through the Chief of Staff, CoS, to the Chairman, Commander of the EFCC, CE Michael Nzekwe stated that one of the mantras of Olukoyede was using the instrumentality of anti-corruption to stimulate growth in the economy. He, therefore, charged the managers to keep faith with extant laws in running their business.
““ Work on Know Your Customers, 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”, he said. While further emphasizing the need for compliance, he commended Opay for considering local content in its employment policy.
““Your ninety-nine percent local employees are very good, we must commend you for that, but then again it is also important to reiterate the need for compliance with local laws. It is very important because you have to ensure that it is not just by word of mouth but more by action that you comply with the local laws.
“Earlier in his presentation, Wen disclosed that compliance with regulations, customer satisfaction and revenue generation are priorities his company considered very important.
““The most important thing in our company is compliance with local laws, compliance with local regulations, second is customer certification, how we use innovative solutions to solve our customer problems to provide them value. Then, number three is how to grow our revenue. We believe that compliance with the law is a red line we cannot cross”, he said.”
