The Economic and Financial Crimes Commission (EFCC) has called on Nigerian fintech giant OPay to intensify its compliance measures and ensure full adherence to national financial regulations.
In a statement issued today, the commission emphasized the need for OPay to implement stricter Know Your Customer (KYC) procedures, improve customer verification processes, and deploy advanced fraud-prevention systems.
According to the EFCC, digital financial platforms must not only facilitate seamless transactions but also safeguard their systems from being exploited for fraudulent activities or money laundering. The agency urged OPay to prioritize business integrity and work closely with regulators to strengthen Nigeria’s financial ecosystem.
The commission further warned that fintech companies operating without rigorous compliance frameworks risk exposing millions of users to fraud, identity theft, and illicit financial flows. OPay has assured the EFCC of its continued cooperation and commitment to improving security standards across its platform.