The Association of Bureaux de Change Operators of Nigeria (ABCON) has urged the Central Bank of Nigeria (CBN) to democratize and centralize the bureau de change's (BDCs) operational methods and encourage them in going digital as exchange rate volatility continues to have a negative impact on the economy. ABCON emphasized that BDCs have undergone significant digital reforms since 2016 in line with the latest CBN reforms on BDCs to be tech savvy. As a result, it recommended the CBN to switch from a cash-based business model to one that relies more on digital platforms and less on cash.
According to the association, it has invested 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 made note of the fact that its members could now monitor systems and transactions thanks to automation thanks to installed IT office equipment.
"Our members now record their transactions in real time on the AWS I cloud and extract their daily reports for return rendition over an interface that is always open to real-time communication with the CBN. The NIBSS and validation platform were occasionally incorporated by our members in 2019 when conducting business with other members. The organization stated that the BDCs registered on the GoAML platforms and the Nil-returns platform "through the collaborations of BCON and NFIU for the rendition of their suspicious and cash transactions threshold to the NFIU in compliance with their AML/CFT obligations."