E-Financial
BVN for Tier-1 Wallets, Accounts will Reduce Fraud – ACAEBIN Boss
Prince Akamadu, chairman, Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), has said that the recent directive by the Central Bank of Nigeria (CBN) mandating all tier-1 bank accounts and wallets for individuals to have Bank Verification Number (BVN) and/or National Identification Number (NIN), that will reduce the amount of fraud associated with such accounts.
Akamadu, who disclosed in Lagos during the 57th Quarterly General Meeting of the association, lauded the Yemi Cardoso-led CBN for issuing the directive.
He called on the apex bank to mandate FINTECHs to set up fraud desks as well as enforce stricter regulatory oversight on the activities of Bureaux de Change.
While noting that the theme for the meeting: ‘Artificial Intelligence: Game Changer for 21st Century CAEs and Auditors’ is both apt and timely, he said auditors must embrace new technologies that can enhance their abilities and revolutionize the profession.
He said AI is emerging as a game-changer, propelling auditors into uncharted territories of efficiency, accuracy, relevance, and strategic insight, stressing that gone are the days when auditors were buried under piles of documents and struggled to analyse the vast amounts of data at their disposal.
“By harnessing the power of AI, we can rapidly process vast volumes of data, identify patterns, and anomalies, and draw once unimaginable insights. Imagine a world where Auditors are armed with AI-driven tools that can analyse transactions within seconds, minimize errors and ensure compliance. With AI, Auditors can significantly enhance their ability to identify risk, uncover fraud, and provide recommendations for improvement,” he said.
He, however, warned that AI is not a panacea but a tool that must be guided by human expertise, judgment, and ethical principles to uphold transparency, fairness, and accountability
Dalu Ajene, CEO and managing director, Rand Merchant Bank Nigeria Limited, in his keynote address, urged auditors to continue to learn and realign to meet the demands imposed by the adoption of technologies for the overall protection of their organizations.
Titan Trust Bank has selected Oracle FSS for its core and digital banking technology, it is understood.
The start-up bank recently obtained its license by the Central Bank of Nigeria (CBN).
It’s understood that Temenos and Infosys also competed for the deal.
The shortlist came down to the two most widely installed international core systems in Nigeria, Infosys’ Finacle and Oracle FSS’s Flexcube.
The Nigerian banking sector has seen a great deal of upheaval over the years, with many mergers, start-ups and closures. Flexcube is a well respected name since the late 1990s (the pioneer was Access Bank, now one of the country’s top five banks) and has been a commonly selected platform since then.
The new bank is believed to be one of five to have gained regulatory approval of late (Globus Bank is another).
Local media sources say the new licences stem from the Central Bank’s desire to attract new investments into the sector and better serve the country’s 50 million+ unbanked and under-banked citizens.
Titan Bank is said to be headed by a former executive director of Heritage Bank (which is a Finacle user).
Oracle FSS did not respond to request for comment.
International Monetary Fund (IMF), has appointed Tony Elumelu, Nigerian billionaire and group chairman of Heirs Holdings, owners of United Bank of Africa, to its advisory council on entrepreneurship and growth, convened by Kristalina Georgieva, the fund managing director.
The announcement was disclosed in a statement on Friday.
According to the statement, the IMF advisory council comprises global business leaders, policymakers, and academics dedicated to identifying and addressing regulatory barriers to entrepreneurship.
The IMF said Elumelu will be instrumental in ensuring that Africa’s entrepreneurship is central in policy making.
“Elumelu, Africa’s leading advocate of entrepreneurship and whose Foundation has funded, mentored, and trained over 25,000 African entrepreneurs since 2015, champions entrepreneurship as the engine for the economic transformation of Africa,” the statement reads.
“A self-made entrepreneur, Elumelu’s embracing of entrepreneurship is fundamental to his concept of Africapitalism, his belief that Africa’s private sector can and must play a leading role in the continent’s development, making long-term investments that deliver social and economic value.
“Elumelu will be instrumental in ensuring that Africa’s entrepreneurial potential is central to global economic policy making.”
Speaking at the inaugural meeting of the advisory council on March 26, Georgieva said the appointees would share their experiences on how macroeconomic and financial policies “can provide a supportive environment for innovation, entrepreneurship, and productivity — key ingredients for a thriving private sector and strong economic growth”.
Africa’s Micro, Small, and Medium Enterprises, fintech industry, scaling remittances, and cross-border payments will be the driving forces behind the continent’s digital ballooning payments system, which is estimated to reach $1.5 trillion by 2030.
This is according to a MasterCard-commissioned study by Genesis Analytics, which states that the digital payments economy is growing faster on the continent.
This comes as the World Bank says Sub-Saharan Africa has shown significant growth in financial inclusion over the past decade, much of it driven by mobile money account adoption.
Dimitrios Dosis, president, Eastern Europe, Middle East and Africa at MasterCard, comments: “Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead.
“MasterCard remains deeply committed to driving digital transformation across the continent, working closely with entrepreneurs, merchants, banks, start-ups, telcos, and governments. By increasing our investments, expanding innovation, and fostering inclusion, we are helping build a more connected and accessible digital future.”
The payment technology company went on to say as a longstanding technology partner to Africa, its continues to strengthen its commitment to the continent’s digital growth through strategic investments, public-private partnerships, and innovation initiatives that drive financial health and economic growth.
In addition, it says trends in Africa signal a strong shift towards digital transactions, with businesses and consumers increasingly embracing contactless solutions, further accelerating economic participation and financial accessibility across the region.
“For over five decades, MasterCard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic development.
“With Africa projected to host nine of the world’s 20 fastest-growing economies, we are focused on leveraging our expertise and a technology to support the continent’s continued digital transformation.
“Our investments today will help build a more resilient economy for the future,” says Mark Elliott, division president, Africa, MasterCard
By fostering collaboration with key stakeholders, MasterCard says it aims to enhance digital connectivity, expand economic opportunities, and enable millions of people and businesses to thrive in the digital economy.
Titan Trust Bank Selects Oracle FSS for Core and Digital Banking Technology
IMF Appoints Elumelu, Nigerian Businessman to Advisory Council
NCS to Launch Electronic System for Cash Declarations at Airports
IHS Nigeria Hosts Telecom Industry Stakeholders to Discuss Protection of Critical National Infrastructure in Lagos State
Aquaterra Energy Secures Multi-million-dollar well Intervention Contract with Intrepid Energy in Nigeria
Telecom2 days agoAgain, Labour Fumes, Threatens Shutdown of Telcos over Non-Implementation of 15 Percent Tariff Reduction
News2 days agoNNPC Ready to Go to Capital Market for IPO- CFIO
E-Business2 days agoFG Launches Online Visa Approval Centre
E-Business2 days agoQNET Disassociates From Fraudulent Academy in Abuja, Supports EFCC Arrest
E-Business2 days agoFirm Discovers Sophisticated Chrome Zero-day Exploit Used in Active Attacks
E-Business2 days agoNITDA Partners JICA to Launch Nigeria-Japan Startup Hub
E-Financial2 days agoFintech, Remittances Anchor Africa’s Booming Payments System
Telecom2 days agoEverything You Need to Know About MTN’s MIP 2025 Fellowship Webinar