The Chartered Institute of Bankers of Nigeria has urged banks to strengthen their cybersecurity architecture to protect themselves against attacks by fraudsters.
The President/Chairman of Council of the institute, Mr Bayo Olugbemi, made the call while delivering his remarks at the 2020 CIBN fellowship investiture in Lagos on Saturday.
The CIBN, at its investiture, formally conferred its honorary fellowship awards on 19 distinguished bankers in recognition of their contributions to the banking industry and the economy.
A total of 77 associates were elected fellows, while 105 senior management staff of banks and the academia became honorary senior members of the institute at the event, themed ‘Financial services in a post COVID-19 environment: Strategic imperative’.
Olugbemi told over 600 participants who attended physically or virtually that Nigeria had been bedevilled by myriads of challenges this year ranging from drop in oil price, COVID-19 pandemic, the recent #EndSARS protests and the attendant pocket of unrests across the country and now the recession.
The pace of these disruptive forces and their attendant effects on the financial service system had been intense, he said.
He maintained that the banking industry had remained resilient providing succour for businesses and millions of individuals across the country.
He said that banks would also continue to reinforce their risk management framework in tandem with government policies, and urged the banks to consider conducting more market research on how customers’ needs might change in the post COVID-19 era.
This would inform product development and process improvements, he said.
The Senior Partner, KPMG Nigeria and Chairman, KPMG Africa, Mr Kunle Elebute, while speaking on ‘New realities in the post COVID-19 world: Strategic imperatives,’ said global chief executive officers were beginning to acknowledge that the new wave of technological advancement came with risks that could not be ignored.