Building Trust for the African Diaspora: OAPay’s Stand on Remittance Compliance

Compliance remains a top priority for the remittance industry. Powered by advanced digital technologies, new-age Money Transfer Operators (MTOs) are shaking things up, connecting more parts of the world, and offering a range of international money transfer services that are speedy, simple, and a breeze to use.

In a bid to ensure the integrity and trustworthiness of MTOs, regulatory bodies are asserting that compliance with legal frameworks comes first and is non-negotiable As an Africa-first, trusted remittance provider, OAPay continues to remain committed to compliance, operational excellence, and data transparency.

In this article, we talk about the importance of compliance and how everyone has a specific role to play in adhering to established rules and standards.

Why compliance matters in remittance

Remittances are the hard-earned money of the African diaspora living abroad, and to many families back home, they have become a critical financial lifeline.

While transfer infrastructures and remittance flows are becoming increasingly digital, they are also subject to long-standing due diligence and regulations like Anti-Money Laundering (AML), Know Your Customer (KYC), and Anti-Terrorist Financing (ATF).

If remittance providers bypass licensing or fail to adhere to checks, they are putting customer funds and the financial system at risk.

For customers, compliance with regulatory frameworks means your money moves safely across borders through legitimate and approved channels. It reduces the risk of fraud, unexpected delays, or holds.

Everyone plays a role in meeting compliance needs

A strong and secure remittance system is built on shared responsibility. Compliance links regulators, banks, FinTechs, merchants, and customers into one trusted system. Each of these stakeholders adds to the safety and trust of the system.

How responsibilities are shared:

• Regulators establish and update the rules that keep the remittance ecosystem fair
• Banks provide safe payment rails for transactions
• FinTechs follow these guardrails with transparent practices
• Merchants support safe commerce by working with licensed partners
• Customers strengthen the chain by choosing trusted remittance providers

OAPay’s compliance-first approach

At OAPay, compliance has been central to how we operate, and it remains the foundation on which we build trust with our growing community of users and regulators alike.

We are fully aligned with the requirements of regulatory bodies. OAPay is licensed to operate globally. We are backed by the FCA and HMRC in the UK, and in the US, we are registered with FinCEN, and we hold Money Transmitter licenses across several states. Along with maintaining valid licensing, we ensure we only work with approved banks and Payment Service Providers (PSPs).

Before funds move, we verify sender and recipient details, run checks against global sanction lists, and flag unusual activity or suspicious transfers. 

Additionally, our operations are subject to regular reporting and audits. Every transaction that you send using OAPay also goes through stringent AML and CFT checks.

We carry your trust with utmost care

At OAPay, we remain committed to compliance because your trust in us deserves nothing less. We are actively building faster, smarter, more secure solutions, but always within the guardrails of regulation.

There are no hidden charges, and all costs are displayed upfront before a transfer is confirmed. We also provide clear information on transfer timelines and settlement processes. Settlements are carried out only through regulated banks, and our customers can track their transfers in real time, gaining visibility and confidence at every step. 

OAPay transfers are safe for you and safe for those who depend on you. Sign up now to send money home the right way.

FAQs:

1. What does it mean for an MTO to be compliant?
Compliance ensures that players like OAPay operate legally, protect customer funds, and meet transparency and reporting standards.

2. How does compliance make my transfers more secure?
When players like OAPay are compliant, your money stays within approved channels. This means every transfer you make is monitored and approved, reducing the risk of fraud or the illegal use of funds.

3. How do I know if my remittance provider is licensed and compliant?
At OAPay, we overtly highlight our compliance with regulatory requirements on our website and other customer communications. You can also verify our license with regulatory bodies that list approved remittance providers.