The Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) has recently emphasized the need for more stringent regulatory measures in the fintech sector and the operations of Bureaux de Change. This call for tighter regulations was articulated by the association’s chairman, Prince Akamadu, during the 57th quarterly general meeting of ACAEBIN held in Lagos.

ACAEBIN, recognizing the growing influence and potential risks associated with the fintech industry and currency exchange operations, believes that enhanced oversight and regulatory frameworks are crucial for maintaining financial stability and protecting consumer interests.informationguidenigeria

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In addition to this, ACAEBIN commended the Central Bank of Nigeria (CBN) for its recent directive to Deposit Money Banks. This directive mandates the linking of tier-1 bank accounts with the National Identification Number (NIN) and/or Bank Verification Number (BVN). The association views this move as a significant step towards enhancing financial security and preventing fraudulent activities.JAMB Portal

In 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.JAMB Result

“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.NYSC Portal

“ACAEBIN further recommends that the fintechs should be mandated to set up fraud desks and hotlines they could 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.”

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