Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), has issued a strong warning to Point of Sale (PoS) operators nationwide to stop facilitating financial crimes, money laundering, and ransom payments.
EFCC Executive Chairman Ola Olukoyede delivered the warning on Wednesday, 16 September, during a meeting in Abuja with a delegation from the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), led by its National President, Oti Obioha.
Speaking through his Chief of Staff, the EFCC Commander, Michael Nzekwe, Mr. Olukoyede criticized the association for lacking robust regulatory structures that allow fraudsters and criminal networks to exploit mobile money agents.
“We have realized that the issues of money laundering, terrorist financing, and even ransom payments are made mostly from PoS machines,” Mr. Olukoyede stated. “Your association needs to do more by coming up with a structure and a comprehensive framework that will have records of all your operators so that during the course of investigation, we will be able to trace, monitor, and have records that can aid us.”
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