Association of Bureaux De Change Operators of Nigeria (ABCON) has lamented the over-regulation of bureaux de change.
The Association, in a letter to the Governor, Central Bank of Nigeria (CBN) signed by the by the Acting President, Alhaji Aminu Gwadabe, a copy which was obtained by our correspondent read in part that “We wish also to inform you of the increasing challenges arising from over regulation and complex documentation requirements that licensed BDC operators are facing in carrying out their daily legitimate operation. These also have had negative impact on their efforts toward compliance to statutory and regulatory requirements.
“The various departments of the CBN which includes TED, OFISD, FPRD, IT, BOD and the BOP among others are involved with BDC regulations, supervision, licensing, monitoring etc. This in our understanding constitutes multiple regulation of a unit of the financial sub-sector that is only involved as a small market player.
“A BDC operator is expected to render daily, monthly, quarterly, half yearly and annual returns to these various departments of the same corporate body, which could be very cumbersome, repetitive and time consuming for both the operator and the regulator. In addition to the above mentioned reports, the BDC is also under obligation to render same returns to the EFCC/NFIU, while at the same time reporting to other statutory government establishments as the FIRS and CAC respectively.”
The Association also complained about the high penalties imposed on BDCs for infractions, complex documentation requirements, low network on EFASS platform and limited scope of operation.
Consequently the Association appealed to the CBN Governor for harmonization of all the various regulatory department of the CBN and the NFIU.
“We suggest a single BDC directorate at the CBN to be in charge of the BDC sub-sector in order to enhance efficiency, productivity and transparency. This would engender proactive involvement of both the regulators and the BDCs for the growth and dynamism of the sector. said.
“CBN to convene a stakeholders’ forum for the review of extant infractions so as to have a workable, harmless penalty regime acceptable to all. It also called for replacement of the present e-FASS platforms with a more convenient and office friendly platform that will allow the use of emails in the rendition of BDC returns to CBN.
“Other measures proposed by the Association The CBN to consider as alternative requirement other means of identification such as drivers licence, voters card, international passport etc; We urge the CBN to fulfill its promise of allowing the BDCs participation in the inward transfers like home remittances of Nigerians in Diaspora;
“BDC denominated dollar cards and coupons. The CBN should consider the introduction of dollar denominated cards and coupons to BDCs for retailing to the public,” it said.
