The Economic and Financial Crimes Commission (EFCC) has called on fintech company OPay to intensify compliance with regulatory standards in order to safeguard its operations against fraud and money laundering.

EFCC Chairman, Ola Olukoyede, made the appeal on Thursday during a courtesy visit to the commission’s headquarters by OPay’s Chief Executive Officer, Steven Wen, and senior executives.

The warning comes amid heightened regulatory scrutiny of Nigerian fintech firms, particularly around anti-money laundering controls, fraud prevention, and customer verification processes.

Speaking through his Chief of Staff, Michael Nzekwe, Olukoyede stressed that strict adherence to laws is essential for business integrity and economic growth.

“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.

Olukoyede commended OPay’s employment of 99 percent local staff but urged the company to demonstrate compliance through action rather than words.

EFCC’s Director of Investigation, Abdulkarim Chukkol, also highlighted the need to protect company systems from insider abuse. He advised OPay to go beyond Central Bank guidelines on KYC and adopt stronger safeguards against internal risks.

“No matter how tight your system is, insider abuse can undermine it. You must go the extra mile,” Chukkol warned.

Responding, OPay CEO Wen reaffirmed the company’s commitment to regulatory compliance, customer satisfaction, and revenue growth. He described compliance as a non-negotiable boundary for the business, adding that OPay prioritises innovative solutions to meet customer needs while adhering to Nigerian laws.