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The Economic and Financial Crimes Commission (EFCC) has warned Point of Sale (PoS) operators across Nigeria against allowing their platforms to be used for financial crimes, including fraud, money laundering, terrorist financing and ransom payments.
EFCC Chairman Ola Olukoyede issued the warning on Wednesday, September 16, 2026, during a meeting with a delegation from the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), led by its National President, Oti Obioha, at the commission’s headquarters.
Olukoyede, who spoke through the EFCC Chief of Staff, Commander Michael Nzekwe, said some PoS operators had become involved in activities that support criminal networks because of weak monitoring systems and poor record-keeping.
He called on AMMBAN to develop stronger structures to track its members and improve compliance within the sector.
“We have realised that the issues of money laundering, terrorist financing, and even ransom payments are made mostly from POS machines,” Nzekwe said.
He added that the association needed “a structure and a comprehensive framework” that would keep records of operators, allowing investigators to trace transactions and identify those involved in financial crimes.
The EFCC representative questioned whether operators were properly trained and whether the association maintained records of members’ addresses and activities.
“There are even some POS operators who are actually fraudsters; they aid, conspire, give out information and abet fraudsters,” he said.
He noted that investigators often struggle to trace suspicious transactions linked to PoS terminals because some operators lack proper records of customers and withdrawals.
Olukoyede encouraged AMMBAN to ensure members maintain transaction records and comply with financial regulations. He also pledged the commission’s support through training, awareness campaigns and information sharing.
Obioha said the association was ready to work with the EFCC to reduce fraud within the sector. He acknowledged the need for greater awareness among agents, especially on financial thresholds, operational risks and compliance requirements.
“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.
The meeting focused on improving cooperation between financial crime investigators and mobile money operators, as authorities continue efforts to strengthen oversight of Nigeria’s growing digital payment sector.
