eTranzact International Plc, through its Financial Inclusion Unit, has hosted Anti-Money Laundering and Countering the Financing of Terrorism training for Point-of-Sale agents. This is announced in a statement on Thursday in Lagos by Adeyemi Opene, the company’s head of Corporate Communications.
The virtual training aligned with the Central Bank of Nigeria’s directive mandating licensed Payment Terminal Service Providers to periodically train agents on AML and CFT. It addressed regulatory guidelines on cash-out limits, suspicious transaction patterns, shell company usage, and the need to report any suspicious activity to banks within 24 hours.
The session aimed to deepen awareness, strengthen compliance culture and provide frontline agents with practical risk-management tools. Compliance expert, Dr Wence Nwoga, who facilitated the training, said money laundering was not only about cash but also about disguising criminal proceeds to appear legitimate.
“With funds moving across borders, PoS terminals can become channels for criminal activity if agents are unaware of red flags,” he stated.
Using real-world case studies from the Al Capone era to present-day threats, Nwoga guided participants through the evolving tactics of financial crimes. He outlined warning signs of suspicious transactions and highlighted the global consequences of non-compliance.
Nwoga stressed the dangers of transaction laundering and shell companies, urging agents to apply enhanced due diligence when transactions appear inconsistent, excessive or economically unjustifiable. He noted that the CBN had made clear that agents and their principals would face penalties for violations, including fines, prosecution, or possible licence withdrawal.
“Compliance is not optional. It is survival,” Nwoga declared.
eTranzact’s Chief Risk Officer, Edward Onyenweaku, reaffirmed the company’s commitment to embedding compliance across its operations.
“eTranzact takes regulatory obligations seriously. This training reinforces our role not only as a fintech enabler but also as a partner in Nigeria’s financial stability framework. Every transaction processed through our agent network must reflect trust, transparency and traceability,” he said.
Head of Financial Inclusion at eTranzact, Olalekan Disu, said agents were central to financial access, particularly in underserved communities, but accountability must accompany access.
“This training ensures agents understand their roles, limits and responsibilities under CBN guidelines, including daily cash-out thresholds,” Disu explained.
A Kaduna-based PoS agent, Salisu Yakubu, described the session as enlightening.
“I used to think large transactions were good for business. Now I see they may signal crime. I’ve learned to ask better questions,” he admitted.
