The Association of bureaux De Change Operators of Nigeria (ABCON) and Travelex Nigeria have partnered to enable the Bureaux de Change (BDCs) access over $20 billion annual diaspora remittances into Nigeria.
The President of ABCON, Alhaji Aminu Gwadabe, who disclosed the development at a one-day sensitisation programme organised for BDCs by Travelex Nigeria and Travelex UK in Abuja, said Travelex and ABCON were reviewing the possibility of ABCON riding on the Travelex high-tech for BDCs to become direct agents of International Money Transfer Operators (IMTOs).
Gwadabe said the digitisation of the BDCs operations through the launch of ABCON Live Run Automation Portal, which has the backing of the Central Bank of Nigeria (CBN) showed the BDCs’ readiness and commitment to full digitisation of their operations to provide seamless services to forex end-users and become direct agents of IMTOs.
ABCON’s President noted that the CBN only captures six percent of the Diaspora remittances and the rest goes under the counter without any tracing.
Gwadabe noted that riding on Travelex’s high-tech would enable the BDCs address the reoccurring complaints of poor infrastructure which has kept the operators away from accessing the diaspora remittances for years.
According to the ABCON boss, any organisation seeking a license for the operation of BDC in Nigeria shall apply in writing to the CBN Governor and pay a minimum of 35 million naira share capital among other requirements.
He also said the BDCs are encouraged to send suspicious transaction reports to the Financial Policy and Regulatory Department in CBN.