The Economic and Financial Crimes Commission (EFCC) has warned point-of-sale (POS) operators against allowing their terminals to be used to facilitate money laundering and other financial crimes.
The warning was issued during a meeting between the EFCC and the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) at the commission’s headquarters.
Michael Nzekwe, EFCC chief of staff and commander, who represented Ola Olukoyede, the commission’s chairman, said investigations had shown that POS terminals were increasingly being used in criminal activities.
“Our investigations show that criminal activities often involve the use of POS machines,” Nzekwe said.
He urged AMMBAN to strengthen its oversight of POS operators and ensure that transactions carried out through their terminals are properly documented.
According to him, proper records would help law enforcement agencies trace suspicious transactions and identify individuals involved in the movement of illicit funds.
EFCC Wants Better Records From POS Operators
Olukoyede said some POS operators are unable to provide basic information about transactions when questioned during investigations.
He said operators involved in money laundering cases sometimes could not identify individuals who sent or withdrew funds through their terminals.
The EFCC chairman urged AMMBAN to ensure that its members maintain accurate transaction records and membership details across the country.
The commission also called for more training and awareness among POS operators on financial crime risks and applicable transaction thresholds.
AMMBAN Seeks Stronger Partnership
Oti Obioha, national president of AMMBAN, said the association was ready to work with the EFCC to address financial crimes linked to POS operations.
Obioha said POS operators were deeply connected to the communities they serve, making it important for them to understand the risks associated with handling financial transactions.
He said the association would provide members with training on financial thresholds, compliance requirements and other risks associated with POS operations.
The EFCC’s warning comes as POS terminals remain an important channel for financial transactions, particularly for Nigerians who rely on mobile money and agent banking services.
