Magoh Clara
The Economic and Financial Crimes Commission (EFCC) has warned Point of sale (POS) operators across Nigeria against allowing their platforms to be used for financial crimes.
The commission issued the warning on Thursday, September 17, during a meeting with the Association of Mobile Money and Bank Agents in Nigeria.
EFCC Chairman, Ola Olukoyede, said POS channels were increasingly being associated with transactions linked to fraud, money laundering, terrorist financing and ransom payments.
Represented by his Chief of Staff, Michael Nzekwe, Olukoyede urged the association to strengthen its monitoring system and ensure that operators keep proper records of transactions.
He said maintaining accurate records would make it easier for investigators to trace suspicious transactions when financial crimes are being investigated.
The EFCC also called for stronger cooperation between the commission and POS operators to prevent payment channels from being exploited by criminals.
The warning comes as POS services continue to play an important role in providing financial services to Nigerians, particularly in areas where access to conventional banking facilities is limited.
