… Future of banking hinges on tech auditors — ACAEBIN

By Providence Ayanfeoluwa

The Managing Director/Chief Executive Officer of Wema Bank Plc, Mr Moruf Oseni, has called for stronger collaboration among key stakeholders in the financial ecosystem to build resilient and trusted digital banks.

Oseni said collaboration among boards, management, risk and compliance functions, internal auditors, regulators, technology partners and law-enforcement agencies was critical to addressing emerging risks in digital banking.

He made the remark at the 65th Quarterly General Meeting, QGM of the Association of Chief Audit Executives of Banks in Nigeria, ACAEBIN with the theme: “Auditing the Future: Governing AI, Cyber Risks and Digital Trust in an Era of Intelligent Banking,” hosted by Wema Bank Plc in Lagos.

He said platforms such as the QGM of ACAEBIN were important for stakeholders to share experiences, challenge conventional thinking and develop practical responses to emerging threats, adding that the theme was both timely and strategic.

He said: “The banking industry is undergoing a profound transformation, driven by Artificial Intelligence, advanced analytics, digital platforms, automation, and rapidly evolving technologies. These innovations are redefining how financial institutions serve customers, manage operations, and create value.

“Every transformation brings new dimensions of risk: AI-enabled fraud, deep fakes, identity manipulation, cyberattacks, API vulnerabilities, data breaches and business email compromise are no longer distant possibilities; they are increasingly tangible risks that demand the attention of boards, management, regulators and assurance functions alike. Technology may change the way we bank, but trust remains the currency upon which banking is built.

“Internal Audit must evolve alongside the institutions it serves – from predominantly retrospective assurance to a more forward-looking, technology-enabled and insight-driven function that helps boards and management anticipates risk, challenge assumptions and make better-informed decisions. However, the responsibility does not rest with Internal Audit alone. “Building resilient and trusted digital banks requires collaboration across the entire ecosystem – Boards, Management, Risk and Compliance functions, Internal Audit, regulators, technology partners and law-enforcement agencies. Platforms such as this QGM are therefore critical because they enable us to share experiences, challenge conventional thinking and collectively develop practical responses to emerging risks.

“At Wema Bank, we recognize that innovation and governance must advance together. As an institution with a strong heritage of innovation, we remain committed to leveraging technology responsibly, strengthening our resilience and maintaining the confidence of our customers and stakeholders.”

Earlier in her welcome, Chairperson of ACAEBIN, Mrs Aina Amah, said the future of banking will require a new generation of auditors equipped with technological knowledge, professional scepticism and the courage to challenge emerging risks before they materialise.

Amah who was represented by the First Vice President of ACAEBIN, Mr. Mogbitse Atsagbede, said the rapid adoption of artificial intelligence, digitalisation, automation and interconnected platforms was creating new opportunities as well as vulnerabilities for the banking industry.

According to her, internal auditors must ensure that technological innovation is supported by robust governance, effective controls, cyber resilience and accountability.

She said: “The future of banking will demand a new generation of auditors who are technologically informed, professionally sceptical, strategically minded and courageous enough to challenge emerging risks before they crystallise.”

She disclosed that ACAEBIN had expanded its capacity-building programmes to cover emerging areas including artificial intelligence, blockchain and smart contracts, fraud risk assessment, forensic audit, data analytics, as well as the auditing of financial institutions and fintechs.

However, in his presentation, NPF Vigilante, Winner Martins, said that a solution has been designed to mitigate the menace of fraud in the industry.

He called for support from banks, saying that application was free adding that the solution was designed to curb the activities of fraudsters.