Wema Bank Plc has emphasised the need for stronger governance, cybersecurity, and internal audit controls to mitigate emerging risks associated with artificial intelligence (AI) and digitalisation in the banking industry. This call was made during the 65th Quarterly General Meeting (QGM) of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) in Lagos. The meeting's theme was “Auditing the Future: Governing AI, Cyber Risks and Digital Trust in an Era of Intelligent Banking.”
The Managing Director of Wema Bank, Mr Moruf Oseni, represented by the Executive Director, Digital Bank, Tunde Mabawonku, highlighted that AI-enabled fraud, cyberattacks, and data breaches are becoming tangible threats as financial institutions deepen their reliance on technology. He stressed that preserving digital trust has become an enterprise-wide priority as customers increasingly interact with financial institutions through digital channels. Oseni noted that technology may change the way banking is done, but trust remains the foundation of banking.
Oseni further emphasised that addressing emerging risks requires responsible innovation, resilient technology infrastructure, robust cybersecurity, sound data governance, and effective internal controls. He added that internal audit functions must evolve from predominantly retrospective assurance to a more forward-looking, technology-enabled, and insight-driven function. According to him, Wema Bank recognises that innovation and governance must advance together, and the bank remains committed to leveraging technology responsibly.
The ACAEBIN Chairperson, Aina Amah, represented by the association’s First Vice President, Mogbitse Atsagbede, noted that the meeting was particularly relevant as AI, digitalisation, automation, and interconnected platforms continue to reshape the banking industry. She mentioned that ACAEBIN has expanded its Training Academy's capacity-building programs to cover AI, blockchain, smart contracts, fraud risk assessment, and forensic auditing, among others.
Amah also disclosed that ACAEBIN is examining the development of an Audit Management Framework for Nigeria and strengthening mentorship programs for chief audit executives. The association has recently engaged the top management of the Nigerian Police Force National Cybercrime Centre on cybercrime, fraud trends, and intelligence sharing. She stressed that addressing emerging risks requires collective action and coordinated institutional responses.
The meeting featured presentations by the Nigerian Police Force (NPF) and Deloitte Nigeria on digital fraud, AI governance, cyber resilience, and the evolving role of internal audit. The NPF's Winner Martins discussed the NPF Vigilant application, launched on September 1, which aims to strengthen collaboration among banks, customers, and the police in combating digital and financial fraud. The platform allows customers to report suspected fraud and track complaints.
Senior Partner, IT & Assurance Services, Deloitte Nigeria, Amalachukwu Udo, emphasised that internal audit functions must evolve alongside banks' transition to digital services and AI. She recommended that banks maintain inventories of AI systems, establish clear accountability, and ensure that AI models are scalable, explainable, and based on reliable data. Udo also suggested stronger contractual requirements and independent certifications for third-party technology partners.
Key points
- Wema Bank calls for stronger governance, cybersecurity, and internal audit controls to protect the banking industry from emerging risks associated with AI and digitalisation.
