Travelex Parleys BDCs, Regulators

Travelex United Kingdom (UK) through its Nigerian subsidiary has restated its commitment to sustaining existing cooperation with Nigeria’s financial sector regulators to reform the Bureau De Change (BDC) sub-sector of the market.

The company disclosed this at the end of its recent 2018 national sensitisation seminar for BDC proprietors and operatives in Lagos. Travelex, one of the global leaders in forex transactions, in collaboration with the Central Bank of Nigeria (CBN) and the Economic & Financial Crimes Commission (EFCC) recently engaged the BDCs on international best practices.

The company’s Commercial Director for Africa, Mark Smith, expressed satisfaction with the outcome of the seminar especially the high level of cooperation between Travelex and Nigeria’s monetary and financial authorities and regulators. Specifically, he thanked the CBN and EFCC for partnering with the company to raise the level of compliance and operational best practices in the nation’s BDC sub-sector.

In addition, Smith praised the efforts of the leadership of the Association of Bureaux de Change Operators of Nigeria (ABCON) for its efforts at improving the operational efficiency of its members through the application of IT solutions.

According to Smith, Travelex would intensify its corporate social responsibility efforts through the organisation of further sensitisation and training platforms to add increased value to Nigeria’s BDC and other foreign exchange related sectors. The General Manager, Travelex Nigeria Limited, Anthony Enwereji, in his welcome address during the seminar said the aim of the forum was to partner with critical authorities, proprietors, and operatives to raise the standard of practice in the Nigerian BDC sector to global standards.

“We at Travelex consider the BDC sub-sector critical to the health and smooth running of any financial system. This is why our bureaux are located at most entry points and shopping malls all over the world,” Enwereji said.