The Economic and Financial Crimes Commission (EFCC) has issued a fresh warning to Point-of-Sale (POS) operators across Nigeria, urging them to ensure their platforms are not used to facilitate money laundering, fraud, terrorist financing or ransom payments.

EFCC Chairman Ola Olukoyede raised the concerns during a meeting with the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), led by its National President, Oti Obioha. Olukoyede was represented at the meeting by his Chief of Staff, Michael Nzekwe.

EFCC seeks stronger monitoring of POS operators

According to the anti-graft agency, POS terminals are increasingly appearing in investigations involving suspicious financial transactions.

Olukoyede urged AMMBAN to strengthen its internal systems and establish a comprehensive database containing information about its members.

He said accurate records would make it easier for investigators to trace transactions and identify individuals connected to suspicious movement of funds.

The EFCC also wants the association to maintain information such as the addresses and operational details of POS agents across the country.

Operators urged to keep proper transaction records

The EFCC chairman expressed concern that inadequate documentation can make financial investigations more difficult.

According to the commission, investigators sometimes encounter situations where POS operators cannot provide sufficient information about who transferred or withdrew funds through their terminals.

The agency therefore urged operators to maintain proper records of their transactions and ensure that their businesses comply with relevant financial crime prevention requirements.

EFCC alleges involvement of some operators in fraud

Beyond the misuse of POS terminals by criminals, Olukoyede also alleged that some operators may be directly involved in fraudulent activities.

He said some POS agents allegedly provide information, assist fraudsters or otherwise facilitate suspicious transactions.

The EFCC consequently called for stronger training and awareness programmes for operators so they can better understand the risks associated with handling questionable transactions.

AMMBAN seeks closer partnership with EFCC

Responding to the concerns, AMMBAN President Oti Obioha acknowledged the importance of closer cooperation between the association and the EFCC.

He said POS operators operate extensively at the grassroots and could play an important role in efforts to combat financial crime.

Obioha proposed greater collaboration in areas such as training, awareness and education on transaction limits and the risks associated with POS operations.

EFCC offers collaboration on training and compliance

The commission said it is prepared to work with AMMBAN on training, information sharing and public awareness initiatives.

The latest warning comes amid broader efforts by Nigerian authorities to improve oversight of the POS sector. Earlier this year, the Corporate Affairs Commission and EFCC also discussed strengthening registration and monitoring of POS operators, with concerns raised about the use of unregistered terminals in illicit financial activities.

The EFCC’s latest position places greater emphasis on record-keeping and accountability, as authorities seek to prevent legitimate payment infrastructure from being exploited for criminal purposes.

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