ABCON Seeks CBN Support On BDCs’ Digitalisation
The Association of Bureaux De Change Operators of Nigeria (ABCON) has urged the Central Bank of Nigeria (CBN) to support the migration to digital operations by Bureaux de Change (BDCs).
ABCON President, Aminu Gwadabe, in a statement, said BDC operators were moving from traditional bricks and mortar operations to a digitised model that boosts transparency, foreign capital inflows and ease of monitoring and supervision of their operations.
According to him, the BDCs have introduced a four-factor authentication in digital apps to improve efficiency and transparency in operations.
He said many BDCs are in the Nigeria Financial Intelligence Unit’s (NFIUs) GOAML platform for suspicious and cash transactions reports. The operators are also on the Nigeria Interbank Settlement System (NIBSS) Bank Verification Number (BVN) Validation portal of their members. There is also the MASTERS Application for rendition of utilisation of returns to CBN online real time
The ABCON, he added, is also working with Data Pro Consultant to integrate their new Application Programming Interface (API) for Politically Exposed Persons (PEPs) and sanction list search.
Gwadabe said he believed that every player in the sector should be regulated , and where such were not available, caution should be applied.
“There is need for every segment of the financial system to be regulated and guided by the CBN Act, Bank and Other Financial Institutions Act (BOFIA), Anti-Money Laundering and Counter Financing Terrorism guidelines, Know Your Customer (KYC) Requirements for a safe and secured Nigeria and stable financial system,” he said.
He said ABCON would continue to support CBN’s moves to tighten and enforce regulations in the foreign exchange market for sustained exchange rate stability and improved economic growth.
ABCON has also launched its Live Run Automation Portal in Lagos. The technology automates BDC Operations with those of NIBSS, Nigeria Financial Intelligence Unit (NFIU) and CBN to improve the level of compliance of the BDCs with the regulations.
The platform allows BDCs send their reports online real-time, thereby removing the challenge of manual rendition of reports that has been confronting operators for decades. The project is also boosting the perception towards BDCs in Nigeria, especially in the eyes of international investors.
Gwadabe said the world was going digital, and BDC operators under his leadership were committed to staying ahead of the competition by deploying time-tested technology to deliver effective services to customers and ensure compliance.
He said the Live Run portal has enhanced BDCs compliance with set regulations and promoted market integrity.
According to him, the portal has sustained transparent transactions in the BDC corridor, boost the morale of its members and ensure their continuous operations.
The ABCON chief said the group had fully upgraded its Information Communication Technology (ICT) platforms, to achieve full digitisation of BDCs operations in line with its goal of sustaining transparent operation and prompt rendition of weekly returns to regulatory agencies.
He added that the ABCON fully aligns with the statutory provisions of the Money Laundering Prohibition Act, 2011 (as amended), the CBN’s AML/CFT Regulations, 2013 and recommendations of the FATF.