Forex Bureaus urged to diversify resources base
By: Daniel Mareng Wek
A meeting to discuss diversification of trading practices beyond hard currencies with members of the Forex Bureau, was convened at BoSS head office on Friday 17th January 2025.
BoSS Governor Hon. Johnny Ohisa Damian urged Forex Bureaus to align their operations with emerging market trends.
The governor stressed the need for greater public awareness regarding the essential role of Forex Bureaus and called for stronger collaboration across the sector to combat the expanding black market.
First Deputy Governor Hon. Yeni Samuel Costa and other senior BoSS officials, said that Forex Bureaus must be licensed to legally operate in the markets.
The meeting likewise highlighted key challenges, such as the growing influence of unlicensed market dealers and the pressure of excessive taxation.
First Deputy Governor Yeni further advocated for exploring alternative trading methods, including mobile money services, to help Forex Bureaus diversify their offerings and remain competitive.
Director General for Banking Supervision and Financial Stability Chan Andrea echoed this sentiment, touching on the need to diversifying business models and integrating additional financial services would be vital for the sustained success of Forex Bureaus in the evolving market landscape.
Members of the Forex Bureau Union expressed their appreciation for BoSS’s ongoing support in strengthening the sector. Deputy Chairperson of the Union, Mayiik Akok Alou, described the discussions as productive, with a focus on exploring new opportunities for enhancing the sector’s performance.
Union members also praised the Directorate of Banking Supervision and Financial Stability, as well as the Financial Markets Department, for their collaborative and supportive relationship with the Forex Bureaus.
Following the meeting, the Director of Communication and Public Relations, Nikodemo Majok Arou, said that actionable proposals were discussed to improve the operational environment for Forex Bureaus across the country.