The Chairman of The Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), Prince Akamadu, shared significant updates during the association’s 57th Quarterly General Meeting in Lagos. The meeting centered around the theme, “Artificial Intelligence: Game Changer for 21st Century CAEs and Auditors.”
In his address, Prince Akamadu acknowledged the Association’s eventful past three months, to be detailed in forthcoming committee reports. He expressed gratitude to regulatory bodies, particularly the Central Bank of Nigeria, for their recent circular mandating BVN or NIN for all Tier-1 wallets and accounts.
Furthermore, Akamadu proposed additional measures, stating, “ACAEBIN recommends that fintechs establish fraud desks and hotlines for prompt communication. We also advocate for heightened regulatory oversight on Bureaux de Change, urging them to verify the BVN of customers engaging in transactions exceeding $10,000.”
These recommendations follow the December 1st directive from the Central Bank of Nigeria, signaling a “Post no Debit” policy effective April 2024 for bank accounts lacking BVN and/or NIN, as communicated by the Director, Payments System Management Department, Chibuzo Efobi, and the Director, Financial Policy and Regulation Department, Haruna Mustapha.
Emphasizing the importance of Artificial Intelligence across sectors, the chairman called for a cautious approach, recognizing potential challenges and ethical considerations associated with its implementation.
