Banks are alleged to have conspired with Point-of-Sale (POS) operators to restrict the amount of cash available at Automated Teller Machines (ATMs) by the Economic and Financial Crimes Commission (EFCC).
The EFCC claims that for point-of-sale (POS) operators to have large sums of bank cash at the cost of ATMs is financial crime.
On Saturday, May 11, 2024, the anti-graft agency made this announcement on its official X page.
ACE I Hauwa Garba Ringim, the Acting Zonal Director of the EFCC’s Ibadan Zonal Command, issued the warning on Tuesday at a stakeholders’ meeting with bank compliance officers in Oyo State.
He stated that illegal dealings and trading in naira with the Point-of-sale (POS) operators has to stop.
The anti-graft agency called for more cash at every bank’s ATMs, faulting commercial banks’ alleged collusion with POS operators, in respect of cash availability.
Read Also: CAC Directs Banks To Enforce Directive On PoS Operators Registration
“What we notice and see around lately is that Nigerians can only withdraw a small amount of their money with the banks in Automated Teller Machine (ATMs) but POS operators evidently go around with huge amounts of money gotten from the banks. This is not fair to Nigerians and we must fight it head-on”.
Furthermore, Ringim warned banks’ compliance officers against revealing its financial probes to their customers.
He was of the view that its investigation would be jeopardized if suspects become aware of it.
Explaining the possibility of jeopardizing EFCC’s probe, Ringim said when vital financial documents are withheld in favor of a client, it delays the anti-graft agency’s effort to access relevant exhibits needed to prosecute cases in court.
Nairametrics reports that court matters are won or lost depending on the evidence or exhibits placed before a competent court, by the parties.
Read Also: CAC Launches Centre For Bulk Registration Of POS Operators
Ringim sought the continual support of Compliance Officers of financial institutions, adding “they remain relevant stakeholders in the fight against economic and financial crimes”.
“According to him, the EFCC is aware of the fact that Compliance Officers give information to their clients regarding ‘letters of investigation activities’ written to the banks from the EFCC, adding that, the act usually jeopardizes the investigation exercise of financial crimes and delay corruption cases from being filed before the law court.
“He decried the unhealthy support fraudsters receive from the banking sector in Nigeria, stressing that it is posing considerable challenges and concerns to the Commission.
“The EFCC’s boss also urged them to always respond to letters received from the Commission with certified true copies including instruments of transactions of beneficiaries or sources, as this will expedite processes of investigation to a logical conclusion.”
On their part, the EFCC quoted the Compliance Officers “stressing that they are committed to new dynamics on how the collaborative efforts between the Commission and the banks would be effective.”
