Go Beyond Selling Forex To Travellers, ABCON Boss Tasks BDC Operators

Go Beyond Selling Forex To Travellers, ABCON Boss Tasks BDC Operators

Alhaji Aminu Gwadabe, President of the Association of Bureaux De Change Operators of Nigeria (ABCON), on Wednesday urged members to broaden their services beyond selling forex for Personal Travel Allowance (PTA) needs of their customers.
Speaking Wednesday at the South West zonal meeting of the association, he urged ‎them to foray into other equally lucrative areas like mortgages, school fees, and medical expenses on cash basis.
In doing so, he urged them not to exceed the $5000 bar set by the Central Bank of Nigeria (CBN), while ensuring that all necessary documentation are provided.
Gwadabe also stressed the association’s commitment to deepening professionalism among operators to engender confidence among investors in the nation’s foreign exchange market.
He blamed most of the pressure on the Naira on the lack of liquidity and confidence, especially on the part of foreign investors, challenging BDC operators to distinguish themselves from parallel market operators.
This, he believes is possible, if they render efficient services and comply with regulatory requirements.
“ABCON is committed to boosting foreign investors’ confidence in the Nigerian market, as this will help attract the much needed liquidity into the market and reduce pressure on the naira exchange rate”, he said.
Continuing, Gwadabe added: “We are the ones licensed to operate the business but we must prove this by distinguishing ourselves through the way we serve our customers.
“You know that before now, there were criticisms of BDCs but now we are the new bride of the regulators. To ensure that we sustain the renewed regulatory interest and confidence in BDCs, we have to ensure we comply with the necessary requirement and demonstrate professionalism in the way we do our business.
“I can tell you that the Central Bank of Nigeria (CBN) is even willing to expand our scope of business, but this is conditioned to our willingness to increase our level of professionalism.”
Commenting on the problems encountered by BDCs with Biometric Verification Numbers (BVNs) and the International Passports of prospective customers, Gwadabe assured that the association in talks with the management of the Nigeria Interbank Settlement System (NIBSS) for the provision of a dedicated channel to overcome such.
He called for patience, urging members to continue using the available channel, besides ensuring that they deal with people they are familiar with, as part of ensuring compliance with the Know Your Customer (KYC) requirement of the CBN.
Gwadabe said the association has set up a surveillance committee to monitor the activities in the  sector, urging members to help facilitate the committee’s work by providing information on any observed malpractice on the part of any operator.