- BDCs, NIBSS Collaborate to Enhance BVN Compliance
Bureau de change operators under the aegis the Association of Bureaux De Change Operators of Nigeria has collaborated with the Nigeria Interbank Settlement System Plc to sensitise the BDCs on usage and deployment of bank verification number validation portal provided by the NIBBS.
The portal will enable the BDC operators to validate the BVN of prospective customers in line with the Central Bank of Nigeria requirement for sale of forex.
The President, ABCON, Alhaji Aminu Gwadabe, said the BVN validation sensitisation programme was part of the confidence-building agenda of the association.
This, he said, would ensure that the BDC operators abide by the rules guiding the Nigerian foreign exchange market.
In a statement on Sunday, Gwadabe said the sensitisation programme became exigent given that the world was going digital, and there was a need to deploy time-tested technology to deliver seamless services to the BDC’s numerous customers.
According to him, the sensitisation programme was held in the six geopolitical zones – namely Kano, Lagos, Awka and Abuja, among others, stating that over 3,500 registered operators across the country attended the programme.
“The ABCON/NIBSS sensitisation programme on the BVN Validation Portal has been on in the last two months. We are happy that all our six geopolitical zones have been covered. It is our own input to the CBN’s policy implementation and an opportunity to take confidence-building in the BDCs’ operations to the next level,” he said.
Gwadabe added that the BDCs were ready and committed to abiding by the CBN’s regulations on the forex market.
“The CBN directed BDCs to validate the authenticity of BVN that clients wanting to buy forex submit to them. Already, the BVN is becoming very important to government, hence, we are thinking ahead and equipping our members with the right skills and technology. We are committed to ensuring that our members do not fall short of regulatory requirements,” he said.
