By Leticia Mordi (Finance Correspondent)

Chairman the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), Yinka Tiamiyu, has said there was a need for Banks and telecommunication companies (Telcoms) to collaborate in the fight against e-fraud, given the rise in the use of mobile phones for banking transactions.

He stated that ACAEBIN, which is also a sub-committee of the Bankers’ Committee of the Central Bank of Nigeria (CBN), wants Telcos to step up their cooperation and collaboration with banks especially in the area of appropriate Know Your Customer (KYC) documentation.

Tiamiyu noted in a statement on Tuesday that the Association has collaborated with all the stakeholders in the industry in achieving all the transformations going on in the industry, especially in the payment systems. He pointed out that because of digitization, there was a need to ensure that the Nigerian Communications Commission (NCC) and the Telcos are on the same page with ACAEBIN in realizing the dream payment systems.

Tiamiyu said that "the Law Enforcement Agencies have also come to realize the role and support the banks are making in the fight against fraud, as such, there is the need for improved cooperation and collaboration". He explained that other groups like the Association of Chief Compliance Officers of Banks in Nigeria (ACCOBIN), Association of Chief Operating Officers of Banks, among others are also involved in this project to adopt a more robust and secure electronic payment system - so, it is a combination of several bodies.

ACAEBIN under his leadership, Tiamiyu also said, has digitized its operations, as it cannot be talking about a digital world while its processes are not digitalized. “So, one of the things we want to bequeath to the next Executive Committee is a well-digitized working environment such that one can even approve documents online."

Speaking on the theme for this year’s Annual Retreat/Conference and General Meeting of members of the Association: ‘Exploiting Digitization and Disruption for Value Creation’billed to hold from March 25th to 27th, Mr. Tiamiyu said that it resonates well with the current realities.

"So, this theme couldn’t have come at a better time and we are trying to look at how we can exploit the disruptions that are happening around the world to get better by creating value and making progress. The banking industry is creating a lot of digital products to keep the business running and if you look at the bank's confirmed cases of fraud that resulted in the loss of about N2.1 billion, more than 90 percent of those frauds were perpetrated through technologically driven channels. So as Internal Auditors, the knowledge of technology will enable us to identify gaps in our core banking applications, in the products, and what we need to do to bridge the gap," he said.

Tracing the history of the Association, he said, ACAEBIN started as Committee of Chief Inspectors of Banks in Nigeria (CCIBN) and later changed its name to Committee of Chief Internal Auditors of Banks in Nigeria (CCIABN) and to its present name.

On ACAEBIN's operations, Tiamiyu said: "as Sub-committee of the Bankers’ Committee the Association has been supporting and complementing the later since inception and that it has a very strong collaborative effort with the Chartered Institute of Bankers of Nigeria (CIBN) which handles most of the activities of the Banker’s Committee, Nigeria Deposit Insurance Corporation, Financial Institutions Training Centre in the area of training and the Nigerian Inter-Bank Settlement Systems (NIBSS) Plc among others.".

Tiamiyu stated that one of the major contributions of the Association to the banking industry is her role in the transition from Magnetic Stripe Card to the present Card and Pin which has drastically reduced fraud in the industry. "We have also rendered many supports in the payment system space ranging from technical and physical support to the Bankers’ Committee to ensure that the industry is safe", he revealed. NNL.

Subscribe to NigerianNewsLeader

Hey there Smash that Subscribe Button To Get The Latest News Right In your MailBox 📰📰😁😉

By Digital Game World 🎮🕹

Most Read