KYC compliance is non-negotiable or risk shutdown, EFCC says
Abdullateef Fowewe
The Economic and Financial Crimes Commission (EFCC) has issued a stern warning to fintech giant OPay, demanding ironclad regulatory compliance to safeguard Nigeria’s digital economy.
EFCC Chairman Ola Olukoyede, speaking through Chief of Staff Commander Michael Nzekwe during a visit by OPay CEO Steven Wen and his leadership team to EFCC headquarters in Abuja, emphasised that strict Know Your Customer (KYC) protocols, robust anti-fraud systems, and defenses against money laundering and insider threats are mandatory for the company’s survival.
Nzekwe urged OPay to prioritise these measures, declaring, “make KYC your watchword” and eliminate any loopholes that could fuel fraud.
He tied the Commission’s stance to broader economic goals, noting that anti-corruption efforts must underpin genuine development.
Echoing this, EFCC Director of Investigations Abdulkarim Chukkol highlighted the human element in security: “No matter how tight your technology is, one bad insider can compromise everything.”
Despite the warnings, the EFCC praised OPay’s 99% Nigerian workforce, calling its local content commitment “worthy of emulation.”
In response, Wen reaffirmed OPay’s dedication, stating, “For us, compliance with local laws and regulations is the red line we will never cross. After compliance comes customer satisfaction, then revenue growth.”
Both parties pledged deeper collaboration to foster a secure, transparent fintech sector that draws investors.
