The Economic and Financial Crimes Commission (EFCC) has accused banks of colluding with Point-of-Sale(POS) operators to limit cash availability at Automated Teller Machines(ATM).
EFCC chairman, Ola Olukoyede said this, via the Acting Zonal Director of the Ibadan Zonal Command of the EFCC, ACE I Hauwa Ringim, during a stakeholders’ meeting with Compliance Officers of Banks in Oyo State on Tuesday.
Olukoyede stated that illegal dealings and trading in naira with the Point-of-sale (POS) operators must end.
“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),” he said.
“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.”
He warned banks’ Compliance Officers against revealing its financial probes to their customers, stating that its investigation would be jeopardized if suspects are aware of it.
He explained that when vital financial documents are withheld in favour of a client, it delays the EFCC’s effort to access relevant exhibits needed to prosecute cases in court.
However, he assured the Compliance Officers of the EFCC’s support as they remain relevant stakeholders in the fight against economic and financial crimes.
