Association of mobile money and bank agents in Nigeria (AMMBAN) has announced a crackdown on illegal and unauthorized point of sale (POS) terminal operations in the Country, signalling a departure from the norm, National President of AMMBAN, Sharafadeen Fasasi Atanda, shared the information during the launch of the Agent Joint Task Force established to oversee agency banking activities.
It is pertinent to note that due to the escalating insecurity in the country, Point of Sales (POS) terminal operators are increasingly facing attacks, leading to fewer people being included in financial services. The recent government report revealed that terrorist are exploiting fintech platforms, POS terminals and non government organisations to transfer funds and carry out fraudulent transactions. In response to public outcry regarding illegal activities involving POS operators in and around some government establishments, the Nigerian Police Force recently strengthened its prohibition on using POS terminals and other electronic financial devices in its formations nationwide.
The Association is actively working with security agencies like the Police, the Civil Defence, the EFCC and also collaborate with the CBN and other necessary agencies including the National Digital Agency, to clean up and sanitize the industry through a National Joint Task Force which have started informing and educating POS operators about regulations on agency banking.
The National Joint Task Force is also vested with the responsibility of enforcing laws and policies, bringing violators to book and responding to agents call for assistance and alerts during fraudulent activities in agents’ locations by doing the preliminary investigation that leads to the overall investigation that makes criminals be brought to book and handed over to authorised security agents to detain them and prosecute them through the laws and virtually maybe get conviction for them. Doing this will gradually take financial and economic crimes out of our society.
Watch video below for more details on the Agent JTF Launching 👇
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