ACAEBIN deepens open banking readiness through UK, Singapore study tour

The Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) has intensified efforts to strengthen Nigeria’s preparedness for Open Banking implementation through an international training and study tour conducted in partnership with Euromoney and the Association of Banks in Singapore (ABS).

The nine-day programme, themed “Open Banking 360°: Strategy, Risk and Assurance for a Secure and Connected Financial Ecosystem,” brought together senior executives from Nigerian banks and the fintech ecosystem for engagements with global experts and leading financial institutions in the United Kingdom and Singapore.

According to ACAEBIN, the initiative was designed to provide participants with practical insights into how advanced financial markets are implementing Open Banking while balancing innovation with governance, cybersecurity, regulatory compliance, operational resilience and consumer protection.

During the UK sessions, participants examined the strategic and operational foundations of Open Banking, including global regulatory trends, governance frameworks, third-party risk management, API security, data privacy, customer consent management and assurance mechanisms required to support secure digital financial ecosystems.

The programme also explored the evolving roles of internal audit, risk management, compliance functions and executive leadership in ensuring successful Open Banking implementation.

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A major outcome of the discussions was the recognition that Open Banking extends beyond technology adoption and requires collaboration among regulators, financial institutions, fintech firms, payment service providers, telecommunications operators, technology companies and consumers operating within clearly defined governance and regulatory frameworks.

Participants identified three key priorities for institutions preparing for Open Banking: strengthening data governance and customer consent management, developing secure and standardised API infrastructure, and fostering stronger ecosystem partnerships through continuous innovation and capacity building.

The Singapore leg of the tour focused on bank-fintech collaboration, innovation ecosystems, customer-centric financial services, operational resilience, cybersecurity and third-party risk management in highly interconnected financial environments.

Speaking on the initiative, Vice Chancellor of the ACAEBIN Training Academy, Oluwole Esomojumi, said the programme aligns with Nigeria’s transition towards Open Banking and underscores the association’s commitment to building capacity among industry leaders responsible for governance, assurance, risk management, compliance and business transformation.

He noted that as financial institutions increasingly embrace data sharing and digital innovation, professionals must understand both the opportunities and governance requirements necessary to sustain customer trust and financial system stability.

ACAEBIN Chairperson, Aina Amah, reaffirmed the association’s commitment to supporting regulators, banks, fintechs and other stakeholders in promoting excellence in governance, risk management, internal audit and assurance. She added that the ACAEBIN Training Academy aims to bridge critical skills gaps in the banking industry through specialised training programmes and called for greater industry support for the initiative.

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