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).
According to the EFCC, it amounts to financial illegality for POS operators to possess huge cash from banks at the expense of ATMs.
The anti-graft agency disclosed this via its official X page on Saturday, May 11, 2024.
The Acting Zonal Director of the Ibadan Zonal Command of the EFCC, ACE I Hauwa Garba Ringim, gave the caution during a stakeholders’ meeting with Compliance Officers of Banks in Oyo State on Tuesday.
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.
He said,
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.
Ringim sought the continual support of Compliance Officers of financial institutions, adding “they remain relevant stakeholders in the fight against economic and financial crimes”.
EFCC stated,
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.”