The Economic and Financial Crimes Commission (EFCC) has warned Point-of-Sale (PoS) operators against facilitating money laundering, terrorist financing, ransom payments and fraud, saying criminal networks increasingly exploit the terminals to move illicit funds.
EFCC chairman Ola Olukoyede issued the warning this week through his chief of staff, Michael Nzekwe, during a meeting with the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), led by national president Oti Obioha.
Olukoyede said investigations showed ransom payments and laundered funds were often routed through PoS machines, and urged AMMBAN to maintain comprehensive records of operators and transactions so investigators can trace suspicious flows.
The warning follows a Nigerian Financial Intelligence Unit report that identified a 29-year-old Point-of-Sale agent as a key recipient of funds linked to an Islamic State West Africa Province figure, including ransom payments and levies imposed on communities.
In separate cases, the Nigerian Army and Nigeria Police Force arrested suspects in Plateau and Delta states in 2025, with authorities alleging that PoS terminals were used to receive or collect ransom payments for kidnappers and facilitate bandit-related activities.
The National Counter Terrorism Centre said in December 2025 that investigations into kidnapping and terrorism cases showed ransom payments were being routed through PoS operators, with victims transferring money to accounts provided by terrorists.
The warning comes as the legitimate PoS sector grows rapidly, raising the stakes for oversight.
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