The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has charged the management and staff of Opay to make compliance with existing regulations a watchword to ensure business integrity and block avenues for money laundering and fraudulent practices.
Olukoyede gave the charge on Thursday, when the Chief Executive Officer (CEO) of Opay, Mr. Steven Wen, led other top managers of the financial institution on a courtesy visit to the EFCC headquarters in Abuja.
Speaking through the Chief of Staff to the Chairman, Commander CE Michael Nzekwe, Olukoyede said one of his mantras was using the instrumentality of anti-corruption to stimulate economic growth. He urged the managers to keep faith with extant laws in running their business.
“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,” he said.
While commending Opay for prioritising local content in its employment policy, Olukoyede noted: “Your ninety-nine percent local employees are very good, we must commend you for that, but then again it is also important to reiterate the need for compliance with local laws. It is very important because you have to ensure it is not just by word of mouth but more by action that you comply with the local laws.”
Also speaking on the need for compliance, the EFCC Director of Investigation, Commander CE Abdulkarim Chukkol, highlighted the importance of systems integrity and safeguarding the company against insider abuse.
“Systems integrity is also very important to look at, secondly the KYC, it is not enough for us to say let us just follow only what the CBN has given us, but again, you have to go the extra mile. I also want to give advice on the people that you employ, sometimes insider abuse is very rampant, no matter how tight your system is, when you bring in somebody that can do and undo, then definitely everybody is at risk,” he said.
Earlier, Wen stated that compliance with regulations, customer satisfaction, and revenue generation are key priorities for Opay.
“The most important thing in our company is compliance with local laws, compliance with local regulations, second is customer certification, how we use innovative solutions to solve our customer problems to provide them value. Then, number three is how to grow our revenue. We believe that compliance with the law is a red line we cannot cross,” he said.
