eTranzact trains PoS agents on money laundering threats as CBN tightens compliance

In continued alignment with the Central Bank of Nigeria’s (CBN) directive mandating licensed Payment Terminal Service Providers (PTSPs) to periodically train their agents on Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT), eTranzact International Plc, through its Financial Inclusion Unit, recently hosted a comprehensive virtual training for its nationwide network of PoS agents.

The session, which aimed at deepening awareness, strengthening compliance culture, and equipping frontline agents with practical risk-management tools, was facilitated by renowned compliance expert, Dr. Wence Nwoga.

“Money laundering isn’t just about cash,” Dr Nwoga told participants. “It’s about disguising criminal proceeds to look legitimate. With the way funds now move across borders, PoS terminals can easily become pipelines for criminal activity if agents don’t know what to look for.”

Using real-world case studies and historical precedents from the Al Capone era to modern-day threats, Dr. Nwoga walked participants through the evolving tactics of financial crimes, the tell-tale signs of suspicious transactions, and the global consequences of non-compliance. He emphasized the risks posed by transaction laundering and companies and urged agents to adopt enhanced due diligence, especially when transactions appear inconsistent, unusually large, or economically unjustifiable.

Chief Risk Officer at eTranzact Edward Onyenweaku, reaffirmed the company’s resolve to embed compliance into the DNA of its operations.

“eTranzact takes its regulatory obligations seriously. This training reinforces our role not only as a financial technology enabler but also as a partner in Nigeria’s broader financial stability framework. Every transaction processed through our agent network must reflect trust, transparency, and traceability,” he stated Echoing this commitment, Head of Financial Inclusion eTranzact Plc, Olalekan Disu added, “Our agents are key drivers of financial access, especially in underserved communities. But access must come with accountability.

This session is part of an ongoing initiative to ensure that agents understand their roles, limits, and responsibilities as defined by the CBN guidelines including daily cash-out limits.

The training covered regulatory guidelines around agent cash-out limits, flagged transaction patterns, the use of shell companies, and why every suspicious transaction must be reported to the bank within 24 hours.

For Salisu Yakubu, a Kaduna-based PoS agent, the session was eye-opening. “I used to think big or frequent transactions were just good for business. Now I see how they can also be a sign of something criminal. I’ve learned to ask better questions.”

The Central Bank has made it clear that agents and their principals will be held fully accountable for violations. That includes fines, prosecution and possible
loss of license. According to Dr Nwoga, “compliance isn’t optional. It’s survival.”

eTranzact’s latest push adds to industry pressure on digital financial operators to clean up agent channels, tighten backend controls and build smarter defenses
in an age where fraud tactics evolve by the day.