ACAEBIN deepens Open Banking readiness with global training

The Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) has intensified efforts to prepare Nigeria’s banking industry for the implementation of Open Banking by taking senior banking and fintech executives on an international training and study tour focused on governance, cybersecurity, risk management, and regulatory readiness.

The initiative comes as Nigerian financial institutions position themselves for the next phase of digital financial services, with Open Banking expected to reshape how banks, fintechs, and other financial service providers share customer data and deliver innovative products under a regulated framework.

The nine-day programme, organised by ACAEBIN in partnership with Euromoney and the Association of Banks in Singapore (ABS), took participants to the United Kingdom and Singapore between June 15 and June 23, 2026.

The programme, themed “Open Banking 360°: Strategy, Risk and Assurance for a Secure and Connected Financial Ecosystem,” exposed participants to international best practices on implementing Open Banking while maintaining strong governance, cybersecurity, operational resilience and consumer protection.

The UK sessions focused on the strategic and operational foundations of Open Banking, covering global regulatory developments, governance frameworks, application programming interface (API) security, data privacy, customer consent management, third-party risk management and assurance mechanisms required to support secure digital financial ecosystems.

Participants also examined the evolving responsibilities of internal audit, compliance, risk management, and executive leadership in supporting Open Banking implementation.

A major takeaway from the programme was that Open Banking extends beyond technology deployment and requires coordinated collaboration among regulators, banks, fintech companies, payment service providers, telecommunications operators, technology firms, and customers operating within clearly defined governance and regulatory frameworks.

The study tour identified three priority areas that financial institutions should focus on as Nigeria advances towards implementation. These include strengthening data governance and customer consent management, developing secure and standardised API infrastructure, and building stronger partnerships across the financial ecosystem through continuous innovation and capacity development.

Participants also visited financial institutions and engaged in knowledge-sharing sessions that showcased practical implementation models adopted in mature Open Banking markets.

The Singapore leg of the programme expanded discussions around collaboration between banks and fintech companies, innovation ecosystems, customer-centric financial services, operational resilience, and approaches to managing cybersecurity and third-party risks in highly interconnected financial systems.

Speaking on the initiative, Oluwole Esomojumi, vice chancellor of the ACAEBIN Training Academy, said the programme aligns with Nigeria’s ongoing transition towards open banking and reflects the association’s commitment to building the capacity of professionals responsible for governance, assurance, risk management, compliance, operations, and business transformation.

“As financial institutions increasingly embrace data sharing, digital innovation and ecosystem partnerships, there is a growing need for professionals to understand not only the opportunities presented by Open Banking but also the governance structures, regulatory expectations and assurance frameworks necessary to maintain customer trust and financial system stability,” Esomojumi said.

He added that the study tour provided an opportunity for participants to benchmark Nigeria’s readiness against international best practices and identify practical lessons that could be adapted to support the country’s evolving financial services landscape.

Open Banking is expected to expand competition across the financial services sector by enabling customers to securely authorise licensed third-party providers to access their financial data, allowing the development of personalised financial products, digital lending solutions, payments innovation and other value-added services.

However, experts have warned that the success of the framework will depend on robust governance structures, strong cybersecurity controls, effective risk management, and close collaboration among regulators and industry stakeholders.

Aina Amah, chairperson of ACAEBIN, reaffirmed the association’s commitment to working with regulators, banks, fintech companies, and other stakeholders to promote excellence in governance, internal audit, risk management, and assurance while supporting the successful implementation of initiatives that strengthen the resilience and competitiveness of Nigeria’s financial sector.

She also said the ACAEBIN Training Academy, despite being newly established, is positioned to bridge critical skills gaps in the banking industry through specialised training programmes and workshops tailored to the evolving needs of financial institutions.

Amah called on banks, fintech firms, regulators, and other industry stakeholders to support the academy’s efforts to build the human capital needed to drive Nigeria’s digital financial transformation.