EFCC Warns Local PoS Operators: New Guidelines Issued (International Edition)
The Economic and Financial Crimes Commission (EFCC) has recently cautioned PoS operators throughout Nigeria about the necessity to rigorously follow financial rules and enhance KYC adherence in order to combat an increase in economic offenses.
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’s Kaduna Zonal Directorate spoke. 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 EFCC Chairperson. Ola Olukoyede.
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He emphasized that PoS agents should recognize their vulnerability to fraudulent practices and the importance of not becoming tools for criminal activities.
Kaltungo praised AMBAN for starting the dialogue 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 landscape," he informed the association members.
Hazards associated with operations in the Point-of-Sale industry
Highlighting the risks of operating in the PoS sector, AMBAN Chairman Mohammed Bala disclosed that the association has developed a digital directory of its members for better identification and regulation.
"To safeguard both our members and the general public, we've developed a website where all members are registered and verified," Bala stated.
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The EFCC’s renewed advisory comes amid increasing concerns about the use of PoS terminals for illicit transactions, especially in rural and underserved areas where financial monitoring is weaker.
The agency reiterated its commitment to enforcement while encouraging voluntary compliance through education and collaboration.
