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EFCC charges banks to regulate mobile money transfer operators

By Barakat Odegbola

In a bid to curb illegal financial transactions and money laundering in Nigeria, the Economic and Financial Crimes Commission (EFCC), has charged banks operating across the country to adopt strict mechanisms in order to regulate and monitor activities of point of sale (POS) operators and other mobile money transfer operators.

EFCC explained that monitoring and regulating activities of Mobile Money/Point of Sale Operators in the country would prevent financial unforeseen trouble, also would reduce the rate of electronic transaction frauds witnessed across the country.

The commission said it has recorded several fraud cases that are in connection with mobile money operation, where numerous Nigerians have been defrauded, asking banks to give directives to their mobile money transfer operators.

The EFCC’s Head of the Gombe Zonal Office, Babashani Sanda, gave the charge on Thursday, June 10, 2021, while receiving in audience the Controller of Central Bank of Nigeria (CBN) in Gombe state, Alhaji Shehu Goringor, and his team in Gombe.

A statement issued on Friday by the EFCC’s Head of Media and Publicity, Wilson Uwujaren, quoted Sanda as saying, “I am quite pleased to have you here having noted the existing cordial relationship between EFCC and the CBN especially in the area of exchange of information and the need to further strengthen it for our mutual benefit and that of our country.”

“This visit is timely as it gives me the opportunity to report to you an emerging trend involving Mobile Money Operators, which we commonly call POS, in abetting crimes especially cybercrimes where they are used to scam gullible Nigerians in connivance with internet fraudsters known as Yahoo Yahoo boys,” he said.

Goringor had earlier stated that they intend to solidify the already existing relationship between the two organizations and to equally solicit EFCC’s assistance in the areas of training and sensitization.

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