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ABCON seeks CBN’s support for digital transition

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 being tech-savvy, BDC’s have been implementing various digitisation reforms since 2016.

Hence, it urged the CBN to diversify its scope of operation and business model from a cash-based model 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, monitor transactions and systems with installed IT office equipment.

“Our members will sometime in 2019 integrate with NIBSS and validation platform in carrying out their transactions with their members. “The BDCs, through the collaboration of BCON and NFIU, registered on the GoAML platforms and the Nil-Returns platform for the rendition of their suspicious and cash transaction thresholds to the NFIU in compliance with their AML/CFT obligations,” the association said.

Writing by Abdullahi Lamino