The Economic and Financial Crimes Commission (EFCC) has issued a renewed warning to Point of Sale (PoS) operators nationwide, emphasizing the need for strict adherence to financial regulations and enhanced Know Your Customer (KYC) compliance to combat the surge in financial crimes.
The Acting Director of the EFCC Kaduna Zonal Directorate, Bawa Kaltungo, emphasized the importance of operators adhering to Central Bank of Nigeria (CBN) regulations during a meeting with the Association of Mobile and Bank Agents of Nigeria (AMBAN) on Wednesday, May 7, in Kaduna.
“The issue of KYC must be taken seriously by all PoS operators,” Kaltungo said, speaking on behalf of EFCC Chairman, Ola Olukoyede.
He added that PoS agents must be aware of their susceptibility to fraudulent activities and the need to avoid being used by criminals.
Kaltungo commended AMBAN for initiating the engagement and called for stronger collaboration with the EFCC in the fight against money laundering and related financial crimes.
“We are ready to work with you to sanitise the financial environment,” he told the association members.
Risks of operation in PoS sector
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 protect both our members and the public, we’ve created a website where all members are registered and verifiable,” Bala said.
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 organization reaffirmed its dedication to enforcing the law while promoting voluntary compliance via cooperation and education.
