EFCC warns POS operators against aiding fraudsters
The Economic and Financial Crimes Commission (EFCC) has warned Point of Sale (POS) operators across the country against aiding fraudsters and money launderers in perpetrating financial crimes.
EFCC Chairman, Ola Olukoyede, gave the warning when the leadership of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), led by its National President, Oti Obioha, paid a courtesy visit to the Commission’s headquarters.
Olukoyede, who was represented by his Chief of Staff, Michael Nzekwe, said POS operators were increasingly being linked to transactions involving money laundering, terrorist financing and ransom payments.
He urged AMMBAN to strengthen its regulatory structure and establish a comprehensive framework for monitoring its members.
The EFCC chairman also raised concerns about the level of oversight, training and record-keeping among POS operators, noting that some operators allegedly participate directly in fraudulent activities.
According to him, inadequate transaction records often make it difficult for investigators to trace funds transferred through POS outlets.
Olukoyede therefore urged AMMBAN to ensure that its members maintain proper financial records for every transaction and keep accurate records of operators across the country.
He also assured the association of the EFCC’s readiness to collaborate on training, public awareness and information sharing as part of efforts to curb financial crimes.

