The Economic and Financial Crimes Commission has warned Point of Sale operators across Nigeria against facilitating fraud, money laundering, terrorist financing and ransom payments through their terminals.
The EFCC Chairman, Ola Olukoyede, issued the warning on Wednesday, September 16, 2026, when a delegation of the Association of Mobile Money and Bank Agents in Nigeria, led by its National President, Oti Obioha, visited the commission’s headquarters.
Olukoyede, who spoke through his Chief of Staff, Commander Michael Nzekwe, said investigations by the commission had shown that POS terminals were increasingly being used in transactions connected to financial crimes.
He urged AMMBAN to strengthen its internal structure and establish a comprehensive framework for monitoring its members and maintaining records that can assist law enforcement agencies during investigations.
According to the EFCC chairman, proper records of POS operators and their transactions would make it easier for investigators to trace the movement of funds and identify individuals involved in suspicious transactions.
He questioned the level of oversight provided by the association and asked whether its members were adequately trained and whether the association maintained accurate records of operators and their business addresses.
The EFCC also alleged that some POS operators were not merely being used unknowingly by criminals but were actively participating in fraudulent activities by allegedly providing information, facilitating transactions or conspiring with fraudsters.
Nzekwe, speaking on behalf of Olukoyede, said investigators sometimes encountered situations where funds had passed through POS terminals but operators could not provide sufficient information about the people who sent or withdrew the money.
The commission consequently called for greater awareness and training among POS operators, as well as improved transaction documentation.
AMMBAN’s National President, Oti Obioha, welcomed the engagement with the EFCC and acknowledged the need for closer cooperation between the association and the anti-graft agency.
Obioha said POS operators operate at the grassroots and could play an important role in preventing financial crimes if properly trained and supported.
The latest warning comes amid broader regulatory concerns over POS operations in Nigeria.
In June, the Corporate Affairs Commission and the EFCC raised concerns about unregistered POS operators and agreed to strengthen cooperation on registration, information sharing and monitoring.
The CAC had said at the time that only about 20 per cent of POS operators were registered with the commission, describing the situation as inconsistent with existing regulatory requirements. The agencies also expressed concern that criminal proceeds, including ransom payments, could be routed through POS terminals.
The EFCC has therefore encouraged the POS sector to improve its record-keeping, operator identification, training and cooperation with law enforcement authorities.
For legitimate operators, the commission’s warning underscores the importance of keeping accurate transaction records and exercising caution when processing unusual or suspicious transactions.
The EFCC’s position is that stronger oversight of the sector will help investigators trace illicit financial flows while making it more difficult for criminals to exploit POS terminals for financial crimes.
The latest engagement between the commission and AMMBAN is expected to strengthen collaboration on training, awareness creation and information sharing as authorities seek to improve monitoring of Nigeria’s rapidly expanding digital and agent-banking ecosystem.
