The Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) has advocated for heightened regulation in the fintech and Bureaux de Change sectors. At the recent 57th quarterly meeting in Lagos, ACAEBIN Chairman Prince Akamadu highlighted support for the Central Bank of Nigeria’s (CBN) recent directive requiring all tier-1 bank accounts to be linked to the National Identification Number (NIN) or Bank Verification Number (BVN). Akamadu commended the mandate, saying, “This landmark policy will significantly curb fraud via tier-1 accounts,” adding that ACAEBIN had actively championed the policy.

Further recommendations from ACAEBIN included requiring fintech companies to establish fraud support hotlines and advising stricter oversight of Bureaux de Change operations, suggesting mandatory BVN verification for transactions exceeding $10,000. The recommendations followed the CBN’s December directive, which imposed a “Post no Debit” restriction on bank accounts without BVN or NIN from April 2024, aiming to improve financial system stability and Know Your Customer (KYC) practices.

Themed “Artificial Intelligence: Game Changer for 21st Century CAEs and Auditors,” ACAEBIN’s meeting emphasized AI’s transformative potential for auditing. Akamadu urged caution, acknowledging AI’s benefits for efficiency, accuracy, and strategic insight but highlighted ethical considerations that must accompany its adoption, stating, “As we embrace this transformative technology, it’s crucial to consider the potential challenges and ethical implications involved.”