The Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) has engaged global expertise to strengthen the country’s preparedness for the implementation of Open Banking system.

The association stressed that the successful implementation of Open Banking in Nigeria requires a coordinated ecosystem involving financial institutions, regulators, FinTech companies, payment service providers, telecommunications operators, technology providers and customers, all operating within clearly defined governance and regulatory frameworks.

This was stated at a nine-day international training and study tour at the United Kingdom and Singapore, organised by ACAEBIN in partnership with Euromoney and the Association of Banks in Singapore (ABS), aimed at strengthening Nigeria’s preparedness for the implementation of Open Banking.

The study tour was designed to provide participants with practical insights into how advanced financial markets are implementing Open Banking while balancing innovation with effective governance, cybersecurity, regulatory compliance, operational resilience, and consumer protection.

Speaking on the significance of the initiative, the Vice Chancellor of ACAEBIN Training Academy, Oluwole Esomojumi, noted that the programme aligns with Nigeria’s ongoing transition towards Open Banking.
He said it also reflects the association’s commitment to building the capacity of industry leaders responsible for governance, assurance, risk management, compliance, operations and business transformation.

According to Esomojumi, 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.

He observed that the study tour provided an invaluable platform for cross-border knowledge exchange, enabling participants to benchmark Nigeria’s readiness against international best practices and identify practical lessons that can be adapted to support the country’s evolving financial services landscape.

He said programme further expanded discussions around collaboration between banks and FinTechs, innovation ecosystems, customer-centric financial services, operational resilience and approaches to managing cybersecurity and third-party risks in highly interconnected financial environments.

“The sessions focused on the strategic and operational foundations of Open Banking, exploring global regulatory developments, governance frameworks, third-party risk management, API security, data privacy, customer consent management, and assurance mechanisms required to support secure digital financial ecosystems. Participants also gained valuable insights into the evolving role of Internal Audit, Risk Management, Compliance, and executive leadership in supporting Open Banking implementation,” he stated.