The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has urged the management of OPay to make compliance with existing regulations a watchword to ensure business integrity and curb money laundering and fraudulent practices.
Olukoyede issued the charge in Abuja during a courtesy visit by the Chief Executive Officer (CEO) of OPay, Steven Wen, and othEFCCer top managers to the EFCC headquarters.
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Speaking through his Chief of Staff, Commander of the EFCC, Michael Nzekwe, he stressed that the EFCC’s mantra includes using anti-corruption efforts to stimulate economic growth.
He charged the managers to keep faith with extant laws, specifically instructing them to: 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.
The Director of Investigation, Commander of the EFCC, Abdulkarim Chukkol, reinforced the need for systems integrity, urging OPay to safeguard against insider abuse.
He advised OPay to go the extra mile beyond the minimum KYC requirements set by the Central Bank of Nigeria (CBN).
The EFCC boss commended OPay for its employment policy, which includes ninety-nine per cent local employees, but reiterated that compliance must be demonstrated “not just by word of mouth but more by action.”
Earlier in his presentation, Wen disclosed that compliance with local laws and regulations is the most important priority for the company.
Wen outlined the company’s three key priorities: compliance with local laws and regulations, customer certification—using innovative solutions to provide value and revenue growth.
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He affirmed OPay’s commitment, stating, “We believe that compliance with the law is a red line we cannot cross.”
