EFCC warns POS operators against aiding fraudsters

The Economic and Financial Crimes Commission (EFCC) has issued a warning to Point of Sale (POS) operators in Nigeria, urging them to refrain from aiding fraudsters and money launderers. Chairman Ola Olukoyede emphasized that POS operators have become increasingly involved in transactions linked to money laundering, terrorist financing, and ransom payments.

The EFCC has requested the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) to strengthen its structure and develop a comprehensive framework for monitoring its members, including maintaining proper financial records for every transaction and keeping accurate records of their operators nationwide. AMMBAN's National President, Oti Obioha, acknowledged the need for closer collaboration between the association and the Commission to prevent money laundering and other kinds of fraud.

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