The Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) has urged for tougher regulations in the fintech sector and the operations of Bureaux de Change.
This call was made by ACAEBIN Chairman, Prince Akamadu, during the association’s 57th quarterly general meeting in Lagos.
Akamadu praised the Central Bank of Nigeria’s (CBN) directive requiring Deposit Money Banks to link tier-1 accounts to National Identification Number (NIN) and/or Bank Verification Number (BVN), describing it as a significant step in reducing fraud.
ACAEBIN has played a key role in advocating for this regulation and vows to continue its efforts.
The association recommends that fintechs establish fraud desks and hotlines for urgent contact and calls for more rigorous regulatory oversight over Bureaux de Change, particularly for transactions above $10,000, requiring BVN verification.
On December 1, the CBN issued a directive, effective April 2024, mandating a “Post no Debit” restriction on all bank accounts lacking a BVN and/or NIN.
This move, aimed at promoting financial system stability and strengthening Know Your Customer procedures, was announced in a circular by Chibuzo Efobi and Haruna Mustapha, directors at the CBN.
The ACAEBIN meeting, themed ‘Artificial Intelligence: Game Changer for 21st Century CAEs and Auditors’, also highlighted the importance of embracing technology in auditing. It says:
As auditors in this rapidly changing era, it is imperative that we embrace new technologies that can enhance our abilities and revolutionise our profession. In this era of immense disruption, AI is emerging as a game-changer, propelling us into uncharted territories of efficiency, accuracy, relevance and strategic insight. AI presents us with an opportunity to unleash our true potential.
Akamadu emphasized the transformative impact of AI in the field, boosting efficiency, accuracy, and strategic insight. He underscored the need for auditors to adopt new technologies to enhance their capabilities and revolutionize the profession.
However, Akamadu cautioned about the challenges and ethical considerations associated with AI adoption, stressing the importance of careful implementation in the rapidly evolving technological landscape.
