ACAEBIN also called for stricter regulations of the fintech space as well as the operations of the Bureaux de Change.
This was revealed by the chairman of the association, Prince Akamadu, at the 57th quarterly general meeting.
During his welcome address, Akamadu said, “On our part as an Association, the past three months have been eventful as would be discussed during the Committees’ Reports. Permit me at this juncture to acknowledge the effort of our Regulators, especially the Central Bank of Nigeria on the recently released circular mandating that all Tier-1 wallets and accounts must have BVN or NIN.
“This is a landmark achievement that will significantly reduce the amount of fraud via Tier-1 accounts. ACAEBIN had been at the forefront of advocating for this piece of regulation. We shall not relent. ACAEBIN further recommends that the fintechs should be mandated to set up Fraud Desks and hotlines so they can be reached when necessary. We also recommend stricter regulatory oversight on the activities of Bureaux de Change. This class of operators in the Financial Services industry must be made to verify the BVN of all customers who transact above 10,000 dollars.”
On December 1, the apex bank in a circular signed by the Director, Payments System Management Department, Chibuzo Efobi, and Director, Financial Policy and Regulation Department, Haruna Mustapha directed a “Post no Debit” restriction on all bank accounts without a BVN and/or NIN effective April 2024.
The bank said the directive was part of efforts to promote financial system stability and strengthen the Know Your Customer procedures in all financial institutions.
Meanwhile, at the ACAEBIN’s quarterly general meeting, which was themed, ‘Artificial Intelligence: Game Changer for 21st Century CAEs and Auditors’ the chairman said that with the transformation going on in the world, it was important to embrace technology.
“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, however, called for caution in the use of AI, saying, “As we embrace this transformative technology, it is crucial to acknowledge the potential challenges and ethical considerations that come hand in hand. AI is not a panacea; it is a tool that must be guided by human expertise, judgement, and ethical principles. We must remain vigilant in ensuring that AI-driven systems are designed to uphold transparency, fairness, and accountability.”
