The Economic and Financial Crimes Commission (EFCC) has accused banks and Point-of-Sale (POS) operators of colluding to restrict cash availability at Automated Teller Machines (ATMs), and it’s taking action.
This illegal practice must stop, and the EFCC is demanding that banks prioritize cash availability at ATMs over profiteering with POS operators.
ACE I Hauwa Garba Ringim, Acting Zonal Director of the Ibadan Zonal Command, issued a stern warning to banks and POS operators during a stakeholders’ meeting with Compliance Officers in Oyo State.
“It’s unacceptable that Nigerians can only withdraw small amounts from ATMs while POS operators flaunt huge cash from banks. We will not tolerate this injustice,” Ringim declared.
EFCC is also cracking down on banks that reveal financial probes to their customers, jeopardizing investigations and delaying justice.
“When vital documents are withheld, it hinders our ability to access evidence needed to prosecute cases in court,” Ringim emphasized.
EFCC is urging Compliance Officers to support its efforts in fighting economic and financial crimes. “We need your cooperation to tackle fraud and corruption effectively,” Ringim stressed.
The agency will not tolerate the banking sector’s support for fraudsters, which undermines its efforts to combat financial crimes.
In response, Compliance Officers pledged their commitment to new collaborative efforts with the EFCC, ensuring a more effective fight against economic and financial crimes.
It’s time for banks and POS operators to prioritize transparency and accountability, and the EFCC is leading the charge.
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