Wema Bank Managing Director, Moruf Oseni, has called for stronger digital trust in Nigeria’s banking sector as artificial intelligence (AI) and other emerging technologies continue to transform financial services.
Oseni, who was represented by Tunde Mabawonku, Executive Director of Finance and Digital at Wema Bank, made the remarks on Thursday at the 65th quarterly general meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN).
He said technologies such as artificial intelligence, advanced analytics, digital platforms and automation are changing the way banks serve customers, manage operations and create value.
However, he noted that the rapid transformation of the sector was also creating new risks that financial institutions must address.
“Every transformation brings new dimensions of risk: AI-enabled fraud, deepfakes, 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,” he said.
Oseni said the growing reliance on digital banking channels had made the protection of digital trust an organisation-wide responsibility.
“As our customers increasingly interact with financial institutions through digital channels, the preservation of digital trust must become an enterprise-wide priority,” he said.
According to him, responsible innovation must be supported by resilient technology infrastructure, strong cybersecurity measures, sound data governance and effective internal controls.
“Technology may change the way we bank, but trust remains the currency upon which banking is built,” he said.
‘INTERNAL AUDIT MUST ADAPT TO EMERGING RISKS’
Oseni said the changing risk environment also requires internal audit departments to adjust their methods and become more proactive in identifying threats facing financial institutions.
“This is where the role of Internal Audit becomes particularly significant,” he said.
“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 anticipate risks, challenge assumptions and make better-informed decisions.
“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.”
He said the ACAEBIN quarterly meeting provided an opportunity for banking professionals and other stakeholders to exchange experiences and develop practical solutions to emerging challenges.
“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,” he said.
The Chairperson of ACAEBIN, Aina Amah, said the association was responding to the changing risk environment through professional training, capacity building and engagement with relevant stakeholders.
Amah, who was represented by Mogbitse Atsagbede, First Vice-President of ACAEBIN, said the association’s training academy had expanded its programmes to cover areas including artificial intelligence, blockchain and smart contracts, fraud risk assessment and forensic audit, data analytics, as well as auditing financial institutions and fintech companies.
She said ACAEBIN was also considering the development of an audit management framework for Nigeria while continuing its mentorship programmes aimed at strengthening leadership capacity among chief audit executives.
Amah further disclosed that the association had recently engaged senior officials of the Nigerian Police Force’s National Cybercrime Centre on cybercrime, emerging fraud trends, intelligence sharing and cooperation between law enforcement agencies, financial institutions and internal audit professionals.
According to her, the engagement highlighted the importance of coordinated efforts in responding to emerging threats as technology continues to reshape the banking industry.
She said ACAEBIN would continue working with regulators and other stakeholders, strengthen the capacity of its members and provide platforms where chief audit executives can exchange practical experiences and solutions.
The association also said it would continue focusing on equipping auditors with the skills needed to identify and manage emerging risks as banking becomes increasingly digital.
Source: Wema Bank/ACAEBIN
