Financial institutions in Nigeria have been urged to strengthen cybersecurity, data governance and internal controls as artificial intelligence, automation and other emerging technologies continue to reshape the banking industry. The call was made by Wema Bank and the Association of Chief Audit Executives of Banks in Nigeria, ACAEBIN, at the association’s 65th Quarterly General Meeting in Lagos, where stakeholders examined the growing risks associated with intelligent banking.
The stakeholders warned that the increasing use of digital platforms and artificial intelligence was creating new forms of financial and cybersecurity risks, including AI enabled fraud, deepfakes, identity manipulation, cyberattacks, API vulnerabilities, data breaches and business email compromise. Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, represented by the Executive Director, Finance and Digital, Tunde Mabawonku, said the emerging risks required greater attention from boards, management, regulators and assurance functions.
Oseni stressed that as more customers interact with financial institutions through digital channels, protecting digital trust must become an organisation wide priority. He also called for internal audit functions to move beyond traditional approaches and adopt more technology driven methods capable of helping financial institutions identify emerging threats, assess vulnerabilities and strengthen decision making. ACAEBIN also highlighted the need for stronger collaboration among financial institutions, regulators, law enforcement agencies and technology stakeholders in tackling cybercrime and fraud.
The development comes amid growing concern over cybersecurity risks within Nigeria’s increasingly interconnected financial ecosystem. The Central Bank of Nigeria had earlier warned that a cyber breach affecting a single bank, fintech, payment service provider or technology vendor could potentially cause wider disruption across the financial system. As financial institutions continue to adopt AI and other digital technologies, industry stakeholders are therefore calling for stronger data governance, cyber resilience, continuous skills development and clear human accountability alongside technological innovation.