By; AMOS TAUNA, Kaduna
A mobile app that will enhance the visibility of the Bureau de Change by making their contact details, buying and selling rates for various currencies available has been launched.
Daitrans Logistics Services Limited, the company that launched the mobile app organised a training workshop for financial system regulatory agencies.
The training centered on its product called n9raforex, an android app with digital solution for the exchange rate policy, transparency and supervision in the forex market BDCs Segment amongst others, served as an advancement in the Bureau de change business.
The Managing Director of Daitrans Logistics, Mr Henry Uzodinma, while speaking with journalists, explained that the product was designed to enhance the visibility of the Bureau de change by making their contact detail as well as their buying and selling rates for various currencies, available to customers in Nigeria and abroad.
The programme was attended by Participants from Security Exchange Commission (SEC), Nigeria Financial Intelligence Unit (NFIU) and other relevant institutions.
The SIS project coordinator, Mr Daniels Henry described the internal structure of their group and the relation between n9raforex project and daitrans logistics are rewarding.
“JdavProjects is a group of professionals, consultants and freelance experts in various fields working towards achieving a sustainable growth and poverty reduction in Africa by promoting the digital economy in Africa,” he explained.
He further explained that the group was currently working on two major projects which are: the Sub Forex Information System and the UCRM Project.
He added, “The SIS Project actually comprise a set of projects which are: n9raforex (Nigeria), Randforex (south Africa), CedisForex (Ghana), XOForex (UEMOA), XAForex (CEMAC). 6N9raforex project is the version of the SIS project for Nigerian subforex sector.”
According to him, a partnership agreement between Daitrans and Jdavprojects has given them the mandate to promote n9raforex android app in Nigeria.
Speaking on the reason for the project, Daniels said the Forex sector in Nigeria is dominated by International Money Transfer Service.
“The vibrant Fintech sector in Nigeria is more focused on the banking sector which thrives with various Hi-tech solutions while the BDC segment is lagging behind.
“Considering that each registered BDCs owns a Corporate Affairs Commission (CAC) number, we can legitimately consider that their target at the end of the year is to make profit from their currency sales.
“N9raforex android app is designed for BDCs and their customers. It will help BDCs as businesses to achieve their goals by significantly boosting their sales through an increased visibility to consumers in Nigeria and abroad.
“I am so optimistic that there will be a number of benefits while using n9raforex android app that can be appreciated at the level of the various stakeholders and various economic sectors.
“As a real time price discovery tool, n9raforex will allow end Users to access contact detail and live quotations of all BDCs registered in the database directly from their phones.
“As a Bureau de change, the apps will boost the visibility and the sales. N9raforex app will also help BDCs to monitor his own n9raforex account, track his statistics as well as others BDCs quotations” he added.
Daniels further explained, “The NMB Module of n9raforex might be used by regulatory bodies as a monitoring and a market surveillance tool. N9raforex will help the Nigerian Economy and the Central Bank of Nigeria, by providing accurate and financial data market for the financial system stability, the monetary policy and the exchange rate policy.
“The increased transparency on the subforex sector will help redirecting part of the diaspora remittances toward registered BDCs and also fight the speculation in the parallel market.”
A lecturer at Global Distance Learning Institute, Mr Emeka Uwanaka urged financial institutions to consider the adoption of n9raforex in their operations.
He explained that the product was designed to play a role in the regulated forex market by offering currency traders more effective and efficient channels of conducting their trade.
He expressed optimism that the gaps the app will fill, will enable more trading activities, reduce informal trade and its foibles, as well as contribute to sustainable growth in trade and economic activities.