The Economic and Financial Crimes Commission has warned Point of Sale operators across Nigeria not to assist fraudsters and money launderers.

The caution was issued by EFCC Chairman Ola Olukoyede during a courtesy visit by the Association of Mobile Money and Bank Agents in Nigeria to the commission’s headquarters.

Speaking through his Chief of Staff, Michael Nzekwe, Olukoyede said POS machines are increasingly being used for money laundering, terrorist financing and ransom payments. He urged the association to strengthen its structure and create a clear system for monitoring its members.

The EFCC chairman questioned the level of oversight, training and record-keeping within the association. He noted that some POS operators themselves participate in fraud by providing information or helping criminals carry out transactions.

Olukoyede explained that poor transaction records often make it difficult for investigators to trace funds moved through POS outlets. He called on the association to ensure members keep proper records of every transaction and maintain accurate details of all operators nationwide.

In response, AMMBAN National President Oti Obioha thanked the commission and expressed readiness to partner with the EFCC. He said the association wants closer collaboration on training and awareness so that agents better understand the rules and risks involved in their operations.

Photo credit: Punch Newspaper