EFCC warns PoS operators against aiding fraudsters, terrorist financing
EFCC
Abdullateef Fowewe
The Economic and Financial Crimes Commission (EFCC) has warned Point of Sale (PoS) operators across Nigeria against aiding fraudsters, money launderers and terrorist financiers.
The EFCC Chairman, Ola Olukoyede, issued the warning on Wednesday, September 16, 2026, when a delegation of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), led by its National President, Oti Obioha, visited the Commission’s headquarters.
Olukoyede, who spoke through his Chief of Staff, Commander of the EFCC, Michael Nzekwe, said PoS operators had become involved in financial crimes, including money laundering, terrorist financing and ransom payments.
He urged AMMBAN to establish a comprehensive framework for registering and monitoring its members across the country.
“We have realised that the issues of money laundering, terrorist financing, and even ransom payments are made mostly from POS machines,” he said.
The EFCC chairman also urged the association to ensure that its members kept proper records of their transactions and maintained verifiable details of their operators.
He said some PoS operators allegedly aided fraudsters by providing information or processing suspicious transactions without keeping adequate records.
“There are even some POS operators who are actually fraudsters; they aid, conspire, give out information and abet fraudsters,” Olukoyede stated.
According to him, the absence of transaction records often makes it difficult for investigators to trace individuals who deposit or withdraw illicit funds through PoS terminals.
He also questioned the level of training and supervision provided by AMMBAN to its members, urging the association to strengthen awareness and compliance measures within the sector.
The EFCC expressed its readiness to collaborate with AMMBAN on training, public awareness and information sharing to prevent financial crimes.
Speaking during the visit, Obioha said the association was willing to work with the EFCC to tackle money laundering and other fraudulent activities involving PoS operators.
“We want to collaborate in the areas of training, because most of our agents don’t know the rules of our operations. So, we need to partner in creating awareness,” he said.
