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.
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:
The anti-corruption agency urged banks to ensure sufficient cash availability at ATMs.
Ringim also warned that an investigation would be launched to identify those masterminding ATM cash scarcity for personal gain.
TimesNow.com.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: TimesNow.com.ng
