Aminu Gwadabe, president, Association of Bureaux de Change Operators of Nigeria is pushing for higher transaction margins for bureau de change operators

THE Association of Bureaux de Change Operators of Nigeria, ABCON, has demanded for higher transaction margins for Bureaux De Change, BDCs, as being practiced in other parts of the world. Aminu Gwadabe, president, ABCON, said 10 percent transaction margin is the common practice across the world, but Nigeria BDCs only get about one percent.

During the ABCON Live Run Automation Project launch in Lagos, Gwadabe said the automation of BDCs’ operations is a good step needed to get the regulators consider raising the transaction margin for Nigerian BDCs. The project will enhance BDCs compliance with set regulations and promote market integrity.

Gwadabe explained that the portal will sustain transparent transactions in the BDC corridor, boost the morale of operators and ensure continuous operations in ABCON. He said that the era of manual filling of returns is over with the new portal. He said ABCON has fully upgraded its Information Communication and Technology, ICT, platforms, to achieve full digitization of BDCs operations in line with its goal of sustaining transparent operation and prompt rendition of weekly returns to regulatory agencies.

“Of special note is also the integration of our platform to immigration platform for the verifications of international passport. Already, we are in advance engagement with the Irish technology experts for the achievement of this idea. Besides, the ABCON had last year launched the www.naijabdcs.com. A website that displays foreign currency rates thrice daily to serve as a reliable platform for local and international investors, who will rely on it to access uniform forex rate across states, regions and markets nationally,” he said.

Gwadabe said the ABCON coordination journey of automation and digitilization of BDCs’ operations started in 2016 with the launch of its website and mobile applications which can be downloaded from Google play store.

– Feb. 8, 2019 @ 12:25 GMT |