The Economic and Financial Crimes Commission (EFCC) has called on mobile money giant OPay to strengthen its regulatory compliance framework, warning that stricter measures are essential to safeguard the integrity of its operations. According to the commission, the rapid expansion of fintech platforms in Nigeria has made it crucial for companies like OPay to adopt more rigorous internal controls that prevent abuses within the financial system.

In its advisory, the EFCC stressed the importance of enforcing robust Know Your Customer (KYC) procedures to curb identity-related crimes and protect users from fraudulent activities. The agency further cautioned against lapses that could allow criminals to exploit the platform for money laundering or other illicit transactions, noting that financial service providers bear significant responsibility in maintaining a clean and transparent ecosystem.

OPay, which has grown into one of Nigeria’s most widely used digital payment solutions, is expected to align its operations with regulatory expectations as authorities intensify oversight of the fintech sector. Visit www.jocomms.com for more news details and follow us on all our social media platforms.