The Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), in partnership with Euromoney and the Association of Banks in Singapore (ABS), has successfully concluded a nine-day international training and study tour aimed at strengthening Nigeria’s preparedness for the implementation of Open Banking.

Held from 15 to 23 June 2026, the programme, themed “Open Banking 360°: Strategy, Risk and Assurance for a Secure and Connected Financial Ecosystem,” took senior executives from Nigerian banks and the FinTech ecosystem to the United Kingdom and Singapore, where they engaged with global experts and leading financial institutions on the practical implementation of Open Banking.

The study tour provided participants with first-hand insights into how mature financial markets are balancing innovation with effective governance, cybersecurity, regulatory compliance, operational resilience, consumer protection and risk management.

Sessions in the United Kingdom focused on the strategic and operational foundations of Open Banking, covering 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 explored the evolving roles of Internal Audit, Risk Management, Compliance and executive leadership in driving successful Open Banking implementation.

A key takeaway from the programme was that Open Banking extends far beyond technology. Participants examined how successful implementation depends on effective collaboration among financial institutions, regulators, FinTech companies, payment service providers, telecommunications operators, technology firms and customers within clearly defined governance and regulatory frameworks.

The programme identified three strategic priorities for financial 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.

Participants also undertook institutional visits and knowledge-sharing engagements, providing practical exposure to implementation models and industry best practices in advanced Open Banking jurisdictions.

Speaking on the significance of the initiative, the Vice Chancellor of the ACAEBIN Training Academy, Mr. Oluwole Esomojumi, said the programme aligns with Nigeria’s transition towards Open Banking and reflects the Association’s commitment to developing the capacity of professionals responsible for governance, assurance, risk management, compliance, operations and business transformation.

According to him, as financial institutions increasingly embrace digital innovation, data sharing 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 required to maintain customer trust and financial system stability.

Also speaking, ACAEBIN Chairperson, Mrs. Aina Amah, reaffirmed the Association’s commitment to working closely with regulators, financial institutions, FinTechs and other stakeholders to promote excellence in governance, internal audit, risk management and assurance in support of Nigeria’s digital financial transformation.

She noted that the ACAEBIN Training Academy, though recently established, is committed to bridging critical skills gaps within the banking industry through specialised training programmes and workshops tailored to the evolving needs of the financial services sector.

She called on banks, FinTechs, regulators and other industry stakeholders to support the Academy’s mission of building world-class professional capacity for the industry.