The Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) has commended the Central Bank of Nigeria (CBN) for its directive requiring Deposit Money Banks to link tier-1 accounts to the National Identification Number (NIN) and/or Bank Verification Number (BVN).
During the 57th quarterly general meeting, ACAEBIN’s chairman, Prince Akamadu, praised the CBN for the initiative, stating that it would significantly reduce fraud in tier-1 accounts.
Akamadu also called for stricter regulations in the fintech space and the operations of Bureaux de Change.
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The association recommended that fintechs establish Fraud Desks and hotlines, while Bureaux de Change should verify the BVN of customers transacting above $10,000.
The CBN, in a circular on December 1, directed a “Post no Debit” restriction on bank accounts without a BVN and/or NIN from April 2024, aiming to promote financial system stability and strengthen Know Your Customer procedures.
During the quarterly meeting, themed ‘Artificial Intelligence: Game Changer for 21st Century CAEs and Auditors,’ Akamadu emphasized the importance of embracing technology in the auditing profession.
He highlighted the transformative potential of Artificial Intelligence (AI) in enhancing efficiency, accuracy, relevance, and strategic insight.
However, he urged caution in the use of AI, emphasizing the need for human expertise, judgment, and ethical principles to guide AI-driven systems, ensuring transparency, fairness, and accountability.
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