👉 Relocate to Canada Today!

Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada


Strengthen fintech regulations, bank audit leaders tell CBN

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

👉 Relocate to Canada Today!

Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada

Read Other News:

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.”

Check JAMB Result

Check and Confirm: How much is Dollar to Naira

📢 We are hiring writers!

Article Writing Jobs - We are hiring good freelance writers - Click here to apply

👉 Relocate to Canada Today!

Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada

Copyright Warning!

Contents on this website may not be republished, reproduced, or redistributed either in whole or in part without due permission or acknowledgment. . Proper acknowledgment includes, but not limited to (a) LINK BACK TO THE ARTICLE in the case of re-publication on online media, (b) Proper referencing in the case of usage in research, magazine, brochure, or academic purposes,. . All contents are protected by the Digital Millennium Copyright Act 1996 (DMCA). . . The images, except where otherwise indicated, are taken directly from the web, if some images were inserted by mistake violating the copyright, please contact the administrator for immediate removal.
. We publish all content with good intentions. If you own this content & believe your copyright was violated or infringed, please contact us  for immediate removal.

Emediong Silver

Emediong Ekpe is a graduate of English. A professional Sports journalist/analyst, and a spoken word artist. He is passionate about decimating information and putting smiles on people's faces via news writing. Whatapp: 08088735884

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

It looks like you're using an ad blocker!

This website InfoGuideNigeria.com is maintained by the advertising revenue and we noticed you have ad-blocking enabled. Please disable Ad-Blocker