The Economic and Financial Crimes Commission has issued a formal warning to digital bank OPay, urging the company to strengthen its fraud prevention and anti-money-laundering controls amid growing scrutiny of financial technology platforms operating in Nigeria.
The warning reflects the regulator’s broader concern over the rapid expansion of digital financial services and the associated risks of fraud, identity abuse, and illicit financial flows.
As fintech platforms continue to scale user adoption and transaction volumes, enforcement agencies are placing greater emphasis on compliance systems that can effectively detect, prevent, and report suspicious activities.
According to regulatory expectations, digital banks are required to maintain robust know-your-customer procedures, transaction monitoring systems, and internal risk controls that align with Nigeria’s financial regulations and global anti-money-laundering standards. Weaknesses in these areas can expose platforms to misuse and undermine confidence in the financial system.
The EFCC’s engagement with OPay signals an intensification of oversight across the fintech sector, particularly as digital wallets and app-based banking services play an increasingly central role in payments, remittances, and everyday financial transactions.
Regulators have repeatedly warned that innovation must be matched with strong governance, compliance discipline, and accountability.
Industry analysts note that enforcement actions and public warnings are becoming more frequent as authorities seek to close regulatory gaps created by fast-evolving financial technologies.
For operators, this trend raises compliance costs but is also seen as necessary to sustain trust, protect consumers, and ensure long-term sector stability.
For OPay and similar platforms, the warning underscores the importance of continuous investment in compliance infrastructure, staff training, and real-time monitoring tools. Failure to address regulatory concerns could attract sanctions, operational restrictions, or reputational damage in a competitive market.
The EFCC’s move reinforces the message that digital banking growth in Nigeria must operate within a strict compliance framework, with fraud prevention and anti-money-laundering controls positioned as non-negotiable pillars of financial system integrity.