OPEN BANKING EXTENDS FAR BEYOND TECHNOLOGY, ACAEBIN INSISTS

The Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) has emphasised that successful Open Banking implementation requires more than technological infrastructure, calling for strong governance, consumer protection, and regulatory frameworks.

Speaking at a recent industry forum, ACAEBIN leaders highlighted that while technology forms the backbone of Open Banking, issues such as data privacy, cybersecurity, ethical standards, and customer trust are equally critical for sustainable adoption.

The association stressed the need for banks and fintech players to prioritise robust risk management practices and transparency as Nigeria moves towards greater financial data sharing. They warned that neglecting these non-technical aspects could expose the sector to significant vulnerabilities and erode public confidence.

Experts at the event noted that Open Banking has the potential to drive innovation, competition, and financial inclusion, but only if supported by comprehensive policies and capacity building.

ACAEBIN urged regulators and operators to collaborate closely in developing guidelines that balance innovation with consumer protection. The group pledged continued advocacy for best practices that ensure Open Banking delivers real value to Nigerian customers and the broader economy.