The Economic and Financial Crimes Commission (EFCC) has asked the management of Opay to strengthen its internal systems to prevent fraud and money laundering on its platform. The request came during a meeting held today between senior officials of the commission and the company’s management. The EFCC said the digital payments sector plays an important role in the financial system, and any gaps in compliance could affect users and the wider economy.
The commission reiterated its position that regulated institutions must ensure checks, reporting processes, and monitoring tools are functioning, especially at a time when digital transactions continue to increase. The EFCC added that it expects every financial technology company to adopt measures that reduce exposure to illicit flows.
Read also: Nigeria faces uphill task selling new upstream oil dream
Sector responsibilities
Opay’s management acknowledged the concerns raised and said the company will continue to improve its systems. During the meeting, the commission pointed out that weaknesses in identity verification, transaction screening, or dispute channels could lead to abuses by criminals who exploit digital platforms.
Industry analysts noted that the discussion reflects the growing scrutiny facing electronic payment operators, many of whom are working to align with the requirements of multiple regulators. The pressure, according to analysts, is likely to increase as the volume of mobile transfers and agent-based transactions rises.
Read also: Software spending by 7 SWOOT giants surges in 9M 2025 as competition intensifies
Next steps
The EFCC confirmed that it will maintain active engagement with fintech operators in the coming months. It added that firms must show commitment by ensuring staff training, system upgrades, and internal reporting frameworks remain consistent.
