The Economic and Financial Crimes Commission (EFCC) has recently cautioned PoS operators throughout Nigeria, emphasizing their obligation to rigorously follow financial rules and enhance KYC protocols to combat the increasing incidence of financial crimes.
During an interaction with the Association of Mobile and Bank Agents of Nigeria (AMBAN) on Wednesday, May 7, in Kaduna, the Acting Director of the EFCC Kaduna Zonal Directorate spoke about various topics.
Bawa Kaltungo,
highlighted the importance of operators adhering to the directives set by the Central Bank of Nigeria (CBN).
“The importance of KYC should not be overlooked by all Point of Sale operators,” stated Kaltungo, addressing the matter on behalf of the EFCC Chairperson.
Ola Olukoyede.
READ ALSO:
All You Should Know About Moniepoint POS – Covering Costs and Capabilities
He emphasized that PoS agents should recognize their vulnerability to fraud and the importance of not becoming tools for criminal activities.
Kaltungo praised AMBAN for starting this interaction and urged for enhanced cooperation with the EFCC in combating money laundering and associated financial offenses.
“We are prepared to collaborate with you in order to cleanse the financial ecosystem,” he informed the association members.
Risks associated with operations in the Point-of-Sale industry
Highlighting the dangers associated with functioning within the Point-of-Sale (PoS) industry sector, AMBAN Chairman
Mohammed Bala
revealed that the organization has created an online membership directory to enhance recognition and oversight.
“To safeguard both our members and the general public, we’ve developed a website where all members are registered and can be verified,” Bala stated.
READ ALSO:
Nigerians Face Increased Pos Charges as CBN Raises ATM Withdrawal Fees
The EFCC’s fresh warning has come as worries grow over the misuse of PoS terminals for illegal activities, particularly in remote and underbanked regions where oversight tends to be less stringent.
The agency reiterated its commitment to enforcement while encouraging voluntary compliance through education and collaboration.