RismadarVoice Reporters
September 17, 2026
The Economic and Financial Crimes Commission has warned Point of Sale operators across Nigeria against allowing their platforms to be used for fraud, money laundering, ransom payments and other financial crimes.
EFCC Chairman Ola Olukoyede issued the warning during a meeting with leaders of the Association of Mobile Money and Bank Agents in Nigeria at the commission’s headquarters on Wednesday.
Represented by his Chief of Staff, Michael Nzekwe, Olukoyede said investigations had increasingly linked some financial crimes to transactions conducted through PoS channels, making stronger record-keeping and oversight necessary.
He said the association needed a more comprehensive framework for identifying and documenting operators nationwide to make suspicious transactions easier to trace during investigations.
According to the EFCC, investigators sometimes encounter difficulties after tracing suspected criminal proceeds to PoS terminals because operators are unable to provide adequate information about the individuals involved in the transactions.
Olukoyede said operators should maintain proper transaction records and relevant customer information in accordance with applicable financial regulations.
He also called for increased training and awareness among agents, saying some operators may not sufficiently understand the financial crime risks associated with their businesses.
The EFCC chairman further alleged that some PoS operators knowingly assist fraudsters by facilitating transactions or providing information, warning agents against participating in or enabling criminal activity.
He expressed the commission’s readiness to collaborate with AMMBAN on training, awareness programmes and information sharing aimed at strengthening compliance and preventing financial crimes.
AMMBAN National President Oti Obioha, who led the delegation, said the association was seeking closer cooperation with the EFCC because of the financial risks associated with mobile money and agency banking operations.
Obioha said many agents required greater understanding of transaction thresholds, compliance requirements and risks associated with their operations.
He said the association was prepared to work with the anti-graft agency on training and awareness programmes to help operators identify suspicious activities and reduce the use of PoS platforms for fraud and money laundering.
The proposed collaboration is expected to focus on improving compliance, transaction documentation and information sharing between operators and relevant authorities.