EFCC Warns POS Operators: Stop Aiding Fraudsters, Money Launderers By Okwo Romeon

 The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has warned Point-of-Sale (POS) operators across Nigeria against facilitating fraud, money laundering, terrorist financing and ransom payments.

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 EFCC headquarters.

Members of Money Agents operators at EFFCC office Abuja 

Represented by his Chief of Staff, Commander of the EFCC, Michael Nzekwe, the EFCC chairman said the growing use of POS channels for illicit financial transactions required stronger regulation, documentation and accountability within the sector.

He urged AMMBAN to establish a comprehensive framework for identifying and monitoring its members, including maintaining accurate records of operators and their business addresses.

“We have realised that the issues of money laundering, terrorist financing, and even ransom payments are made mostly from POS machines,” Nzekwe quoted Olukoyede as saying.

He said some POS operators had allegedly become involved in criminal activities by providing transaction information, facilitating withdrawals or helping fraudsters move illicit funds.

According to him, the absence of adequate transaction records often makes it difficult for investigators to trace the movement of funds through POS outlets.

The EFCC boss therefore urged the association to ensure that operators maintain proper financial records for every transaction and strengthen internal monitoring of members nationwide.

He also called for greater training and awareness among POS operators on financial crime risks and regulatory requirements.

Olukoyede assured AMMBAN of the EFCC's willingness to collaborate with the association through training, public awareness and information sharing to reduce financial crimes within the sector.

Responding, Obioha said AMMBAN was seeking a stronger partnership with the EFCC because of the significant financial role played by mobile money and bank agents at the grassroots.

He said many operators lacked adequate knowledge of the rules governing their activities and could benefit from training on financial thresholds, compliance requirements and the risks associated with their operations.

“We are at the grassroots and we observe that your institution is always inviting our members, so we wish we can have a partnership that can see to the training of our members,” Obioha said.

He added that the association was prepared to work with the EFCC to strengthen compliance and help curb fraud associated with POS operations.

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