- The Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) has called for stricter regulation of the fintech industry and the operations of the Bureaux de Change.
- The group commended the Central Bank of Nigeria’s directive for Deposit Money Banks to link tier-1 accounts to National Identification Number and/or Bank Verification Number.
- ACAEBIN also suggests that fintechs should establish fraud desks and hotlines and urges for sterner regulatory oversight on Bureaux de Change.
- The apex bank has mandated that all bank accounts without a BVN and/or NIN face a “Post no Debit” restriction effective April 2024 to enhance the Know Your Customer procedures in all financial institutions.
- At ACAEBIN’s quarterly general meeting, themed ‘Artificial Intelligence: Game Changer for 21st Century CAEs and Auditors’, the Chairman emphasized the importance of embracing technology but with caution due to the potential challenges and ethical considerations.
The Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) is urging for more stringent regulations on the fintech sector and the activities of the Bureaux de Change. Furthermore, the association praised the Central Bank of Nigeria (CBN) for its recent directive requiring Deposit Money Banks to link tier-1 accounts to a National Identification Number or/and a Bank Verification Number, asserting this as a crucial measure in the reduction of fraud through tier-1 accounts.
ACAEBIN Chairman, Prince Akamadu, during the association’s 57th quarterly general session in Lagos, elaborated on the necessity for fintechs to set up fraud desks and hotlines as an additional measure towards fraud prevention. The chairman also advocated for stricter regulatory oversight on the operations of Bureaux de Change, specifically recommending that these financial service providers verify the BVN of all customers who transact above $10,000.
Additionally, following a directive passed by the apex bank on December 1st, all bank accounts without a Bank Verification Number (BVN) or/and a National Identification Number (NIN) will be subject to a “Post no Debit” restriction beginning in April 2024. This directive forms part of efforts to promote stability in the financial system and strengthen the Know Your Customer (KYC) procedures in all financial institutions.
Moreover, at ACAEBIN’s quarterly meeting themed ‘Artificial Intelligence: Game Changer for 21st Century CAEs and Auditors’, the chairman stressed the importance of auditors embracing technological advancements, in particular Artificial Intelligence (AI), to improve efficiency and accuracy. However, he also highlighted the need for caution in the adoption of AI due to potential challenges and ethical considerations associated.
