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 not to assist fraudsters and money launderers in carrying out financial crimes. EFCC Chairman, Ola Olukoyede, made the statement after a courtesy visit from the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN).

Olukoyede highlighted that POS operators have become increasingly involved in money laundering, terrorist financing, and ransom payments. He encouraged AMMBAN to establish a robust framework for monitoring its members, including maintaining records of all operators, training, and addressing oversight issues. The EFCC boss also questioned AMMBAN's level of supervision, training, and record-keeping among its members.

POS operators have been accused of directly participating in fraudulent activities. Olukoyede emphasized the importance of improved transaction records to aid investigations and prevent financial crimes. AMMBAN's National President, Oti Obioha, expressed gratitude for the EFCC's reception and acknowledged the need for a stronger partnership between the association and the Commission in combating money laundering and fraud.