The Economic and Financial Crimes Commission (EFCC) has warned Point of Sale (PoS) operators across the country to stop aiding fraudsters and money launderers, saying some operators have become complicit in financial crimes, terrorist financing, ransom payments and money laundering.
EFCC Chairman, Ola Olukoyede, gave the warning during a courtesy visit by a delegation of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), led by its National President, Oti Obioha, at the Commission’s headquarters in Abuja.
Speaking through his Chief of Staff, Commander of the EFCC, Michael Nzekwe, yesterday, Olukoyede said the association needed to strengthen its structure and operational framework to help curb financial crimes linked to PoS transactions.
He noted that investigations had shown that money laundering, terrorist financing and ransom payments were often facilitated through PoS channels, stressing the need for a comprehensive database of operators to aid investigations and trace suspicious transactions.
According to him, some PoS operators knowingly assist fraudsters by providing information, facilitating transactions and failing to maintain proper records of customers and transactions, making it difficult for law enforcement agencies to track criminal activities.
Olukoyede questioned the level of oversight provided by the association over its members, urging it to intensify training, awareness campaigns and record-keeping measures.
He also called on operators to maintain detailed financial records of all transactions and ensure that members are properly documented nationwide, while assuring them of the Commission’s willingness to collaborate in areas of training, awareness creation and information sharing.
In his remarks, Obioha thanked the EFCC for receiving the delegation and expressed the association’s readiness to partner with the Commission in tackling money laundering and fraud.
He said PoS agents operate at the grassroots level and often interact directly with customers, making it important for them to understand financial regulations, transaction thresholds and the risks associated
with their operations.
Obioha added that many agents lack adequate knowledge of operational rules and compliance requirements, stressing the need for continuous training and public awareness programmes through collaboration with the EFCC.