System automation to deepen regulation compliance—ABCON President
President of the Association of Bureaux de Change Operators of Nigeria (ABCON), Mr. Aminu Gwadabe, has given more reasons why the recent automation of their system in line with integration to Nigeria Inter-bank Settlement System, Nigeria Financial Intelligence Unit and Central Bank of Nigeria.
In an interview in Lagos, he said the Live Run Operational Portal of ABCON will enhance total compliance with set regulations and promote market integrity.
According to him, the automation of operations will raise compliance to set regulations by the apex regulatory agency, the CBN.
Explaining more during the ABCON Live Run automation project launch with the theme, ‘Digitising Bureaux de Change operations for efficiency, transparency and regulatory compliance’, Gwadabe noted that “The project came in three layers and stages. First layer is an online registration of our members in order to build a membership database. This has a success rate of about 80 per cent to 90 per cent as over 4,100 BDCs are registered, nationwide.
“The second layer borders on automation of BDCs’ operational processes, book keeping, issuance of receipt, preparation of accounts, balance sheets, ledgers and sales/purchase registers. He argued that “The most important of this layer is the online real time rendition of returns to regulatory agencies,” stressing that “Another important feature of this layer is our platform’s integration of the NIBSS portal for verifications and validation of clients’ Bank Verification Numbers, which is the most vital requirement for forex sale”.
