More than 80 Point-Of-Sale (PoS) vendors in Akure, the capital of Ondo state have been arrested by officials of the Economic and Financial Crimes Commission (EFCC) on suspicion of buying and selling money to people with higher interest.
Operations took place in the Akure South and Akure North Local Government Areas.
It turns out that POS operators are forced to disclose the source of the cash they use in their businesses.
According to one source, some POS agents admitted to buying cash from banks and then charging customers exorbitant fees.
According to the source,
“They have arrested about 80 PoS attendants in Oja Oba Area. If they come to you, they will ask you to disclose the source of your cash and how much you are charging your customers and also ask you to take them to the person that gave you the money.
“Some PoS attendants, who got the information beforehand, abandoned their stands and fled. A POS agent was just here attending to customers when a woman came and asked how much he charges on every one thousand naira”.
cc: The Nations Ng
