The Economic and Financial Crimes Commission (EFCC) has warned Point of Sale (POS) operators across Nigeria against aiding fraudsters and money launderers in perpetrating financial crimes.
In a post on its X handle on Thursday, the EFCC Chairman, Ola Olukoyede, gave the warning when a delegation of the Association of Mobile Money and Bank Agents in Nigeria led by its National President, Oti Obioha, paid a courtesy visit to the Commission’s headquarters.
Olukoyede, who spoke through his Chief of Staff, Commander of the EFCC, Michael Nzekwe, said POS operators had become increasingly involved in transactions linked to money laundering, terrorist financing and ransom payments.
He urged AMMBAN to strengthen its structure and develop a comprehensive framework for monitoring its members.
“We have realized that the issues of money laundering, terrorist financing, and even ransom payments are made mostly from POS machines,” Nzekwe quoted Olukoyede as saying.
“Your association needs to do more, by coming up with a structure and a comprehensive framework that will have records of all your operators, so that during the course of investigation, we will be able to trace, monitor and have records that can aid us.”
The EFCC boss also questioned the association’s level of oversight, training and record-keeping among its members.
“My question is, what is the impact of your association on the members? Do you train your members? Do you have records of the address of your members?” he asked.
Olukoyede further called for increased awareness and training, noting that some POS operators allegedly participate directly in fraudulent activities.
“There are even some POS operators who are actually fraudsters; they aid, conspire, give out information and abet fraudsters,” he said.
He explained that poor transaction records often make it difficult for investigators to trace funds moved through POS outlets.
“Most times, in the course of investigation, when you find out that money was laundered through a POS operator, by the time you bring them in, they won’t even know the person who sent the money and who withdrew it — no records of the transactions — and no one is asking questions,” he said.
The EFCC chairman urged AMMBAN to ensure that its members maintain proper financial records for every transaction and keep accurate records of their operators nationwide.
He also expressed the Commission’s readiness to collaborate with the association on training, awareness creation and information sharing.
