Nigeria Banks scramble for BDCs and Diaspora accounts

Nigeria Banks scramble for BDCs  and Diaspora accounts

Sterling Bank Plc at the weekend announced the launch of the Sterling Diaspora Services for Nigerians based abroad.

Nigeria Banks have begun intensive scramble for Bureaux De Change (BDCs) accounts after their efforts to stop the operators from accessing the Diaspora-related foreign exchange (Forex) failed at the weekend.

Sterling Bank Plc,said it was discussing with various Nigerian communities abroad for business collaboration in the area of customer acquisition, management and retention.

According to the nation report,  Nigerians living abroad with local and direct ties in Nigeria would be encouraged to embrace the services. “We will also ensure that businesses owned by Nigerians and Associations abroad make use of the services,” it said in a statement obtained by our correspondent.

More lenders will in the coming weeks, strengthen their international operations and marketing networks, to ensure that more funds from the Diaspora come into their coffers.

Commercial bank  last Friday, after nearly three weeks resistance, began implementation of the Central Bank of Nigeria (CBN) directive to sell $30,000 weekly to BDCs. Four bank sold over $10.5 million to 350 BDCs.

More BDCs are expected to benefit from the Diaspora-related forex funds estimated at $21 billion annually.As First Bank of Nigeria Limited, Ecobank Nigeria Limited, Fidelity Bank Plc, and United Bank for Africa Plc, sold forex to BDCs that met set requirements and were cleared by the compliance department of the banks as fully compliant with the Know Your Customer requirement.


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