ABCON automates Nigeria's Bureaux De Change, promises better services

The Association of Bureaux De Change Operators of Nigeria, ABCON, yesterday in Lagos launched the automation of its operational processes.

The move is expected to ensure more secured and efficient service delivery by Bureaux De Change (BDC) operators.

Speaking during the event which saw the gathering of more than a thousand stakeholders, the ABCON President, Alhaji Alhaji Aminu Gwadabe, said that the automation of the BDC operations in the country became imperative as a way of keeping in tune with the digital age.

He disclosed that the automation process began in 2016 with three defined objectives which are: to ensure the internal restructuring of ABCON and BDC operations in the country, to change people’s perception of BDC operators in the country, and lastly, to ultimately deliver good services to Nigerians.

According to Alhaji Gwadabe, ABCON worked in collaboration with such organisations as the Central Bank of Nigeria (CBN), the Nigerian Immigration Service, and the Nigeria Inter-Bank Settlement System (NIBSS) to ensure that the automation process eventually became a reality.

The collaboration with the Immigration Office is such that the BDC portal is fully integrated with the Immigration platform for the purpose of verifying international passports.

Similar collaboration with the Nigeria Inter-Bank Settlement System will ensure easy verification of BVN numbers.

Speaking further, the ABCON President said the Association  is also working in collaboration with the National Identity Management Commission for easy verification of customers using the National Identity Numbers.

In the meantime, however, ABCON is already working in collaboration with the Financial Intelligence Unit and the Economic and Financial Crimes Commission (EFCC), in the fight against corruption and money laundering.

A cross section of participants at the event.

ABCON’s Relationship with the Government

According to Alhaji Gwadabe, ABCON has contributed a lot to the Foreign Exchange policy of the Central Bank of Nigeria.

He also stated that ABCON has helped the Government by creating more than thirty thousand Jobs in the country.

And there is still a lot more the organisation can contribute to the society if only the Government can grant it more leeway.

Speaking of which, Alhaji Gwadabe disclosed that ABCON has written to CBN for permission to establish a Bureau De Change Institute in Nigeria where operators can be properly trained and prepared for the market.

ABCON is also working with the Federal Island Revenue Service for a review of the over-taxation problems its members often face.

More on the ABCON portal 

Licensed operators of Bureaux De Change in the country are expected to register on the official website in order to be visible to potential customers.

This is very important because according to the ABCON, Nigerians in diaspora remit an average of $24 billion. And the best way they can work with BDC operators in this regard is if said BDC operators are visible online and easily reachable.

Gwadabe also stated that the platform supports all types of operational processes, including Inter-BDC trading. Therefore, members must endeavour to utilise it.

In all, the objective of the portal is to ensure compliance and transparency, whilst ultimately guaranteeing better service delivery to the people.

It will also help to differentiate between fake BDC operators and the real ones.

The event was attended by representatives of the Central Bank of Nigeria, the Nigerian Inter-Bank Security System, Travelx, and many more.


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