ABCON advises members to activate 4,000 official e-mails

The Association of Bureaux De Change Operators of Nigeria (ABCON) has advised no fewer than 4,500 Central Bank of Nigeria (CBN)-Bureaux De Change (BDCs) have been advised to create or activate over 4,000 corporate emails of the group’s platform and stop the use of Yahoo and Gmail for official communication.

The currency dealers, under the aegis of the Association of Bureaux De Change Operators of Nigeria (ABCON), had earlier in the year, launched a live run platform, which had all the sector regulators connected to it.

Briefing financial journalists on the development in Lagos, at the weekend, ABCON President, Dr. Aminu Gwadabe, said the advice followed a circular from the Other Financial Institutions (OFIs) Department of CBN, directing all OFIs, including BDCs, to adopt corporate e-mails for their communication with the apex bank.

“We are glad to inform the gathering that over 1,000 BDCs in the South-west have been integrated with the new CBN Forex return rendition platform. In due course, our members in the other zones shall be integrated to achieve online real time return rendition to CBN from the comfort of their offices.

“ABCON has created over 4,000 official emails on its platform- www.abconng.org for its members to enhance compliance,” he said.

He said the association’s foresight in the automation of its members’ operations has paid off, as all members now have the opportunity to activate their official e-mails on the platform.

“ABCON therefore, advises all members to comply with the CBN circular. All members are to visit national and zonal secretariats for further enquiry and assistance, where necessary,” he noted.

The ABCON boss said the rising threats of cyber-security attacks on the financial system, particularly the banks, OFIs, digital wallets and remittance players, means that all stakeholders, including BDCs, must be proactive to protect their data, businesses, reputation and overall operations from the menace.

He said that e-mails have remained the weakest link to cyber attacks and BDCs under his leadership will continue to upgrade their IT systems to ensure that they are ahead of the cyber criminals.

“It is therefore important that we do not relent in our efforts at protecting this space and increasing public confidence in financial system,” he added.

Gwadabe backed the OFIs Department of CBN on the policy shift, agreeing with the regulator that most cyber attacks involve the use of web or internet-based emails to send malicious software or viruses that compromise the data and IT systems of organizations.

This, he said, has attendant negative impact on the confidentiality, integrity and availability of critical information assets.