The Association of Mobile Money and Bank Agents in Nigeria has said that point-of-sale terminal theft and fraud can only be carried out by unregistered POS agents.

The operations of these agents, according to the group, were having a negative impact on the POS business. This was said by the association’s president, Victor Olojo, at the association’s sixth national conference, titled ‘Agency Banking in the Digital Age: Enforcing Standards, Seizing Opportunities, and Managing Risks.’

He stated that the group will no longer accept unauthorised operators’ operations. 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.”

He claims that the organisation currently has 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.