By Seun Ibiyemi
The Economic and Financial Crimes Commission (EFCC) has urged Point of Sale (PoS) operators across Nigeria to strengthen transaction records and internal controls to prevent their platforms from being exploited for money laundering, fraud, terrorist financing and ransom payments.
The EFCC Chairman, Ola Olukoyede, gave 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 Commission’s headquarters.
Olukoyede, who spoke through the Commission’s Chief of Staff, Commander Michael Nzekwe, said the association needed stronger structures and a comprehensive framework to monitor its members and reduce the risk of criminals exploiting PoS terminals.
He said the absence of adequate records by some operators could make it difficult for investigators to trace suspicious transactions and identify individuals involved in financial crimes.
The EFCC chairman urged AMMBAN to maintain comprehensive records of its members, including their addresses and operational details, while ensuring that operators keep proper records of transactions conducted through their terminals.
According to him, the association should also intensify training and awareness programmes for its members to enable them to identify suspicious transactions and understand their obligations.
Olukoyede said some PoS operators had allegedly become involved in facilitating fraud by providing information or services that could aid criminals.
He noted that investigators sometimes encounter cases where funds linked to suspected money laundering had passed through PoS terminals without adequate transaction records to establish who sent or withdrew the money.
The EFCC boss therefore called on AMMBAN to “put its house in order” and strengthen its oversight of operators nationwide.
Olukoyede expressed the Commission’s readiness to collaborate with AMMBAN in the areas of training, awareness creation and information sharing.
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He said stronger cooperation between the EFCC and the association would help improve compliance within the sector and assist investigations into suspicious financial transactions.
Earlier, Obioha said AMMBAN was seeking closer cooperation with the EFCC because of the financial implications of its members’ operations.
He said PoS agents operate at the grassroots and frequently interact with financial transactions that could have implications for the Commission’s anti-money laundering and fraud investigations.
Obioha said the association wanted to partner the EFCC to train its members on applicable rules, financial thresholds and the risks associated with different types of transactions.
“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 engagement ended with both sides expressing readiness to strengthen cooperation aimed at improving compliance and reducing the use of PoS platforms in financial crimes.
