The Economic and Financial Crimes Commission has accused banks of colluding with Point-of-Sale operators to limit cash availability at Automated Teller Machines.
According to EFCC, it is a financial crime for POS operators to have huge cash from banks at ATM’s expense.
This was disclosed by the EFCC, via its official X handle on Saturday.
The Acting Zoal Director of Ibadan Zonal Command of the EFCC, ACE I Hauwa Ringim, warned against it during a stakeholder meeting with Compliance Officers of banks in Oyo.
He said that there was a need to stop the illicit trade and exchange of naira with POS operators.
The anti-graft agency called for more cash at every bank ATM, faulting commercial banks’ alleged collusion with POS operators as regards cash availability.
He said, “What we noticed and see around lately is that Nigerians can only withdraw a small amount of their money with the banks in ATMs but POS operators evidently go around with huge amounts of money gotten from banks. This is not fair to Nigerians and we must fight it head-on.”
In addition, Ringim advised the bank’s compliance officer not to inform customers about its Financial Investigation.
He emphasized that its investigation would be compromised if suspects became aware of it.
According to Ringin, withholding vital financial documents for a client may jeopardize the EFCC’s probe by preventing it from accessing relevant exhibits needed to prosecute cases.
Ringim seeks the support of Compliance Officers of financial institutions, stating “They remain relevant stakeholders in the fight against economic and financial crimes.”
Recall, that Several Bureau de Change operators who are being monitored by the EFCC as suspects are POS operators.
