EFCC warns PoS operators against aiding fraudsters, money laundering and terror financing

*Ola Olukoyede, Executive Chairman of Nigeria’s Economic and Financial Crimes Commission, warns PoS operators against increasing involvement in transactions linked to outright fraud, money laundering, terror financing, and ransom payments in the country’s financial ecosystem

Gbenga Kayode | ConsumerConnect

Following increasing cases of alleged digital transactions linked to money laundering, terrorist financing and ransom payments, Nigeria’s Economic and Financial Crimes Commission (EFCC) has warned Point of Sale (POS) operators against aiding fraudsters perpetrating financial crimes in the economy.

ConsumerConnect reports Mr. Ola Olukoyede, Executive Chairman of EFCC, stated this Thursday, September 17, 2026, when a delegation of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), led by Oti Obioha, its National President, paid a courtesy visit to the Commission’s Headquarters, in Abuja, FCT.

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Olukoyede, speaking through Michael Nzekwe, his Chief of Staff (CoS) and Commander of EFCC, said PoS operators had become increasingly involved in transactions linked to money laundering, terrorist financing and ransom payments in the country’s financial ecosystem.

The Executive Chairman of the anti-graft regulatory Commission urged AMMBAN to strengthen its internal structure, and develop a comprehensive framework for monitoring members of the Association.

Olukoyede tasks AMMBAN on oversight, training and record-keeping

The EFCC Chief, in a statement via the Commission’s verified X account, also noted: “We have realised that the issues of money laundering, terrorist financing, and even ransom payments are made mostly from PoS machines.

“Your Association needs to do more, by coming up with a structure and a comprehensive framework that will have records of all your operators, so that during the course of investigation, we will be able to trace, monitor and have records that can aid us.”

The Commission as well interrogated the Association’s level of oversight, training and record-keeping to rein in  its members in this regard.

Olukoyede quipped: “My question is, what is the impact of your Association on the members?

“Do you train your members? Do you have records of the address of your members?”

Advocating increased awareness and training for members, he further noted that some PoS operators allegedly participate directly in fraudulent activities.

The Executive Chairman stated: “There are even some PoS operators who are actually fraudsters; they aid, conspire, give out information and abet fraudsters.”

According to him, poor transaction records often make it difficult for investigators to trace funds moved through PoS outlets in Nigeria.

Olukoyede explained: “Most times, in the course of investigation, when you find out that money was laundered through a PoS operator, by the time you bring them in, they won’t even know the person who sent the money and who withdrew it — no records of the transactions — and no one is asking questions.”

The EFCC Chairman, therefore, advised AMMBAN to ensure that its members maintain proper financial records for every transaction, and keep accurate records of their operators nationwide.

He restated the anti-corruption Commission’s readiness to collaborate with the Association on training, awareness creation, and information sharing for sustainable financial space in Nigeria.

AMMBAN will work with EFCC to reduce fraud in financial sector – Obioha

Speaking during the visit to the EFCC Headquarters, Obioha, National President of AMMBAN, appreciated the EFCC for receiving the delegation.

He acknowledged the need for closer collaboration between the association and the Commission.

The National President also stated: “We deem it fit to present ourselves to help and work with the EFCC in preventing money laundering and other kinds of fraud.”

According to him, PoS operators operate at the grassroots and could play an important role in helping to prevent financial crimes.

Obioha also said: “We are at the grassroots, and we observe that your institution is always inviting our members.

“So, we wish we could have a partnership that can see to the training of our members on some of the issues like financial thresholds and the risks involved in some of our operations.”

The Association is ready to work with the EFCC to reduce fraud within the sector, stated he.

He reiterated the Association’s resolve: “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.”