ABCON’s live run portal set to integrate CBN, NIBSS, NFIU, BDCs

The Association of Bureaux De Change Operators of Nigeria (ABCON) is set to launch its Live Run Automation Portal. 

The ABCON automation live run project is expected to automate all Bureaux De Change (BDCs) operations with those of Central Bank of Nigeria (CBN), , Nigeria Inter-Bank Settlement System (NIBSS), Nigeria Financial Intelligence Unit (NFIU) to improve the level of compliance of the BDCs with set regulations.

Speaking to financial journalists ahead of the portal launch holding in Lagos, the President of ABCON, Aminu Gwadabe, said the group had secured the Central Bank of Nigeria’s (CBN’s) no- objection approval to launch the live run  portal.

The approval, he said, reaffirmed the regulator’s commitment to a transparent and viable forex market where stakeholders’ interests are protected.

Gwadabe said the world is going digital, and BDC operators under his leadership are committed to staying ahead of the competition by deploying time-tested technology to deliver effective services to customers. 

He said the objective is to make Live Run portal  to enhance BDCs compliance with set regulations and promote market integrity.

According to him, the portal will sustain transparent transactions in the BDC corridor, boost the morale of its members and ensure their continuous operations.

The President of the Association said the group had 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 operators.

He said the group also recently launched the website 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. 

The project came with three layers and stages. First layer is on online real time registration of our members with a success rate of over 4,100 BDCs registered nationwide. This layer is to enable our members conduct their membership registration from any of their location without coming physically to ABCON Secretariat.

The second layer bothers on automation of ABCON’s operational process, book keeping, issuance of receipt, preparation of accounts, balance sheets, ledgers and sales/purchase registers. The most important of this layer is the online real time rendition of returns to regulatory agencies.

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