The Economic and Financial Crimes Commission (EFCC) has urged mobile financial services giant OPay to step up its compliance with all regulatory requirements in order to safeguard the integrity of its operations and protect Nigeria’s financial ecosystem.
In a fresh advisory issued to the company, the EFCC stressed the need for OPay to strengthen its internal controls, particularly around Know Your Customer (KYC) procedures. The commission noted that strict adherence to KYC guidelines is essential to preventing fraudulent transactions and blocking criminal elements from exploiting the platform.
The anti-graft agency also cautioned the company against practices that could inadvertently enable money laundering, urging OPay to put in place robust systems to detect suspicious activities and ensure timely reporting to the appropriate authorities.
According to the EFCC, financial technology firms play a critical role in Nigeria’s digital payment space, and maintaining transparency, accountability, and regulatory compliance is vital to sustaining public trust.
OPay is expected to review its compliance frameworks and collaborate closely with regulators to ensure its operations remain secure, law-abiding, and free from misuse by fraudsters.
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