EFCC Identifies Reasons ATM Machines Are Empty, Makes Move To Stop It

• The EFCC has said that PoS operators and banks are responsible for empty ATMs across the country
• The commission also accused them of hoarding cash to promote services and control money flow.
• EFCC vows to crack down on perpetrators and calls on banks’ compliance officers to comply with its investigation

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Economic and Financial Crimes Commission (EFCC) has accused banks of working with point-of-sale (POS) operators to limit cash availability at automated teller machines (ATMs).

Hauwa Garba Ringim, the Acting Zonal Director of the Ibadan Zonal Command of the EFCC, ACE, disclosed this while meeting with bank Compliance Officers in Oyo State.

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According to Ringim, it is illegal for POS operators to possess large amounts of cash from banks at the expense of ATMs.

The EFCC boss stressed further that illegal dealings and trading in naira with the Point-of-sale operators must stop.

His words:

““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 but POS operators go around with huge amounts of money gotten from the banks.

“This is not fair to Nigerians and we must fight it head-on.”

The anti-corruption agency urged banks to ensure sufficient cash availability at ATMs and investigate alleged collusion with POS operators to manage cash availability.

He also warned that an investigation would be launched to identify those masterminding ATM cash scarcity for personal gain.

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Police to crackdown on illegal PoS operators after CAC registration deadline

CBN gives instructions to PoS operators

Legit.ng earlier reported that the CB) has instructed all Point-of-Sale operators in the country to register their businesses with the Corporate Affairs Commission (CAC) in two months.

This was revealed after a meeting between Fintechs and the Registrar-General/Chief Executive Officer, CAC, Hussaini Magaji (SAN) in Abuja on Monday, May 7, 2024.

The CAC boss said the two-month registration timeline, which will expire on July 7, was not targeted at any groups or individuals but was “in line with “egal requirements and the directives of the Central Bank of Nigeria.”

Source: Legit.ng