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Nigeria: Unregistered PoS agents responsible for fraud, says association

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The president of the association Victor Olojo
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The Association of Mobile Money and Bank Agents in Nigeria has stated that theft and fraud, through point of sale terminals, can only be carried out by unlicensed POS agents.

According to the association, the activities of these agents were negatively affecting the POS industry. The president of the association, Victor Olojo, said this during the association’s sixth national conference themed, ‘Agency Banking in the Digital Age: Enforcing Standard, Seizing Opportunities and Managing Risks.’

He disclosed that the association would no longer tolerate the activities of unlicensed operators again. He said, “We are also working with the operators. We have the Association of Licensed Mobile Payment Operators present at this event.

“We have been working together. The financial industry is huge, as such, we have companies that are issuing out POS and they are not licensed directly by the Central Bank of Nigeria. Those companies most times do not follow the rule established by the CBN. They have API, which enables them to start issuing out POS to recruited agents without following CBN guideline.

“We are working with the association of operators that gives out the links for POS to work on the network to fish out those companies that are not following the standard rules given by CBN.”

According to him, the association currently had 1.4 million registered agents. Olojo added, “Most significant is the quantum leap in the aggregate number of new mobile money and bank agents we have in the market space as of today (November 27, 2022).

 

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