Fatshimetrie – By Efe Onodjae
The increasing use of Point of Sale (POS) has opened new avenues of financial transaction for many Nigerians. However, with this ease of access to banking services, new challenges and risks have emerged as evidenced by the recent warning by the spokesperson of the Delta State Police Command, SP Edafe Bright, to POS operators.
In a video posted on the spokesperson’s official page, SP Edafe Bright cautioned POS operators against transactions exceeding N500,000, warning them that such transactions could lead to trouble. He stressed that anyone wishing to transact above that amount should go to the bank.
He cautions POS operators, saying: “Anyone who wants to transact more than N500,000 should go to the bank. Wherever you are as a POS operator, if you are receiving too much money, it is abnormally high. Understand that there is an element of crime involved because these transactions should be done at the bank.”
In a poignant example, he narrates the story of a POS operator who found herself embroiled in a kidnap ransom case. A suspect had used her POS account to receive N4 million from a kidnap ransom. Her profit in the illegal business was only N40,000. This story highlights the risks and serious consequences that POS operators face if they do not adhere to the rules and limits set.
He cautions, concluding: “Ladies and gentlemen POS operators: Transactions exceeding N500,000 can land you in trouble. Don’t be a tool for kidnappers to collect ransom. It will be reported to you and it will be too late to react. Be strategic and careful. You may plead that you are doing business, but before your lawyer releases you, you may end up spending time behind bars.”
This caution underscores the importance of POS operators playing by the rules and remaining vigilant against suspicious transactions. It is essential to understand the risks associated with their business to avoid being unwittingly involved in criminal activities.
Ultimately, this story highlights the critical need for POS operators to remain informed, responsible and diligent in their daily operations, to prevent abuse and protect the integrity of their profession. Vigilance and compliance are essential to ensure safety and legality in the ever-changing financial sector.