The Economic and Financial Crimes Commission (EFCC) has raised concerns about the collusion between banks and Point-of-Sale (POS) operators to limit cash availability at Automated Teller Machines (ATMs). The EFCC considers it financial illegality for POS operators to possess large amounts of cash from banks at the expense of ATM cash availability.
During a stakeholders’ meeting with Compliance Officers of Banks in Oyo State, the Acting Zonal Director of the Ibadan Zonal Command of the EFCC, ACE I Hauwa Garba Ringim, cautioned against illegal dealings and trading in naira with POS operators. He emphasized the need for more cash availability at bank ATMs and criticized the alleged collusion between commercial banks and POS operators.
The EFCC expressed concern that Nigerians can only withdraw small amounts from ATMs while POS operators have access to significant cash amounts from banks. This disparity is seen as unfair to the public, and the EFCC is determined to address this issue.
Ringim also warned banks’ compliance officers against disclosing the EFCC’s financial probes to their customers, as it could jeopardize investigations by alerting suspects. He stressed the importance of maintaining confidentiality to ensure the effectiveness of the EFCC’s efforts in combating economic and financial crimes.
The EFCC emphasized the need for Compliance Officers of financial institutions to provide necessary information promptly and accurately to expedite investigation processes and ensure successful prosecution of cases in court. The agency highlighted the challenges posed by fraudsters receiving support from the banking sector and called for continued collaboration between the EFCC and banks to combat financial crimes effectively.
The Compliance Officers expressed their commitment to enhancing collaboration with the EFCC to address these issues and ensure that the investigative processes are conducted efficiently and transparently. The EFCC and banks are working together to strengthen their efforts in combating economic and financial crimes and upholding the integrity of the financial system.
