ABCON seeks CBN’s support for digital transition

As exchange rate volatility continues to impact the economy, the Association of Bureaux de Change Operators of Nigeria(ABCON) has called on the Central Bank of Nigeria (CBN) to democratise and centralise the bureau de change’s (BDCs) operational mechanisms and support them to go digital. ABCON stressed that in line with the recent CBN’s reforms on BDCs to be tech savvy BDC’s various digitisation reforms since 2016. Hence, it urged the CBN to diversify its scope of operation and business model from cash-base to less cash and digital platforms.

The association noted that it has spent millions of naira in IT research, developments, designs and implementations of various layers of automation of the business transformation process from manual to digital. It pointed out that its members now, through automation, minitor transactions and systems with installed IT office equipment.

“Our members now records their transaction on AWS I cloud real time on line and extract their daily reports for return rendition all line real time interface with the CBN. Our members also sometimes in 2019 integrated with NIBSS and validation platform in carrying out their transactions with their members. “The BDCs through the collaborations of BCON and NFIU registered on the GoAML platforms and Nil-returns platform for the rendition of their suspicious and cash transactions threshold to the NFIU in compliance with their AML/CFT obligations,” the association said.