BDC Reforms: Travelex Partners CBN, EFCC, ABCON

• BDC Reforms: Travelex Partners CBN, EFCC, ABCON

Travelex UK through its Nigerian subsidiary has restated its commitment to sustaining existing cooperation with Nigeria’s financial sector regulators in reforming the Bureau De Change subsector.

It said in a statement on Monday that it would continue to work with the Central Bank of Nigeria, the Economic and Financial Crimes Commission and the BDC operators on international best practices.

The Travelex’s Commercial Director for Africa, Mark Smith, expressed satisfaction with the recommendations reached with the company and the financial regulators, including adopting a cashless approach to the weekly allocation of forex to the BDCs at its recent workshop.

He also praised the efforts of the leadership of the Association of Bureaux de Change Operators of Nigeria for its efforts at improving the operational efficiency of its members through the application of information technology solutions.

At the event, the General Manager, Travelex Nigeria, Anthony Enwereji, noted that the BDC subsector was critical to the health of any financial system.

Travelex also said it considered the BDC subsector critical to the smooth running of any financial system, a reason why its bureaux were located at most entry points and shopping malls all over the world.

“It is therefore important that we partner with critical authorities, proprietors and operatives to raise the standard of practice in the Nigerian BDC subsector to global standards,” it stated.