The Economic and Financial Crimes Commission, EFCC, is set to
start a clampdown on the fraudulent use of Point Of Sale, POS
Machines in the country.
This was disclosed by the Makurdi Zonal Head of the Economic and
Financial Crimes Commission, EFCC, Johnson Babalola, in an
interactive session with Regional Bank Managers at the EFCC Zonal
office in Makurdi, Benue State on Thursday.
Speaking on behalf of the acting EFCC Chairman, Ibrahim Magu, he
charged banks to ensure proper monitoring and strict compliance by
those to whom they issue POS machines.
“We are having serious challenges with the banks giving POS
machines to individuals with questionable characters and without
proper documentation,” he said.
Babalola pointed out that there was a need for some of the POS
machines to be withdrawn from such individuals.
He also warned banks to adhere strictly to the Post-No-Debit
(temporary freezing of account) order placed on banks found to be
involved in suspicious transactions. “Default will not be
tolerated,” he said.
He noted that it was unfortunate that some staff of banks were
in the habit of giving prior notice to customers whose accounts
were being placed on Post-No-Debit, thus “aiding and abetting crime
and obstruction of justice, instead of assisting the Commission as
stipulated by law”.
Babalola further urged the banks to “respond on time to the
letters of investigations sent to them by the Commission”,
stressing that prompt response will help in speedy dispensation of
cases.
“You need to always report any suspicious transactions as
required by law,” he added.
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NIPOST provides 1,800 Post Offices as Fidelity Bank
takes financial services to grassroots
The Nigerian Postal Service (NIPOST), has offered to give out
1,800 of its post office facilities across the country to Fidelity
Bank PLC, in order for the Bank to expand its business network
nationwide, especially at the grassroots.
The Post-Master General of the Federation, Barrister Bisi
Adegbuyi, made this known at the launching of the Integrated Agency
Banking and TSA Collections, a financial inclusion programme which
NIPOST collaborated with Fidelity Bank plc to organize.
The event was tagged, “Bank@Post in Collaboration with Fidelity
Bank,” and was themed: Unifying Agency Banking and TSA Collections
on a Single Platfrom.”
Bar. Adegbuyi, spoke at NIPOST Headquarters in Abuja, where he
explained that the partnership between NIPOST and Fidelity Bank is
aimed at taking banking closer to the people in line with the
Federal Government (FG’s) financial inclusion policy, which places
high premium on providing financial services to the under-banked
and unbanked populace, who work in the informal sector of the
economy without or less access to financial institutions.
He pointed out that the model also supports the United Nations’
goal of providing access at a reasonable cost for all households to
a full range of financial services, including savings and deposits
services, payment and transfer services as well.
Bar. Adegbuyi, disclosed that the Central Bank of Nigeria (CBN)
recently granted NIPOST Super Agency licence which is in principle
to operate Agency Banking, saying: “Following the development,
NIPOST’s Financial Services Unit was mandated to establish a
Financial Services supermarket where customers of various service
providers can have access to the products and services, and also
develop an Agency Banking framework to serve as guideline for all
banks in the country to be part of the system.”
The Post-Master General, said NIPOST’s ‘Bank@Post’ model will
help promotes FG’s pro-poor agenda and reduces the risk of
travelling miles by customers to transact banking business as this
can now be done at the closest post office nearest to them.
Bar. Adegbuyi, added that NIPOST’s launching of the Agency
Banking in collaboration with Fidelity Bank is part of efforts to
extend financial services at affordable costs to sections of
disadvantaged and low income segments of society.
“The Integrated Agency Banking services incorporate the
collections of a Treasury Single Account (TSA) on a single
platform. With this development, it means that NIPOST customers can
also get banking services in the Post Offices nationwide and can
deposit and withdraw money, including payment of bills for utility
services in Post Offices where these services are available without
stress. The collaboration is also an added impetus to NIPOST
revenue drive, as it would no doubt boost our revenue profile in
addition to traditional postal services,” he said.
In his remark, Mr. Muhammad Balarabe, the Deputy Managing
Director of Fidelity Bank, said the partnership with NIPOST is line
with their strategy for financial inclusion, bemoaning the
situation where most Nigerians and 70% of rural folks don’t have
access to financial services across the country.
“We want to commend NIPOST for deploying about 1,800 of its Post
Offices across the country to bridge the gap of poor or better
still, zero financial inclusion at rural areas. On our part, as a
financial institution, we will collaborate with NIPOST to deploy
banking services across the length and breadth of the country, so
that those in our villages who do not have reliable access to
banking services will heave a sigh of relief. It delights me to
inform you that our pilot scheme will commences in about 266
branches, and our people in rural areas will soon begin to enjoy
banking services,” he added.
By PRNigeria