VICTORIA ONU, ABUJA
THE Chartered Institute of Bankers of Nigeria has urged all financial institutions in the country to strengthen their cyber-security architecture to protect themselves against attacks by fraudsters
The President/Chairman of Council of the Institute, Bayo Olugbemi, made the call while delivering his remarks at the 2020 CIBN Fellowship Investiture.
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 while 77 Associates were elected Fellows with 105 Senior Management Staff of banks and the academia becoming Honorary Senior Members of the Institute.
The event had as its theme, “Financial services in a post COVID-19 environment: Strategic imperative.”
Olugbemi told the participants that Nigeria had been bedevilled by myriads of challenges this year, ranging from the drop in oil price, COVID-19 pandemic, the recent #EndSARS protests and the attendant pocket of unrests across the country and now the recession.
He added that the pace of these disruptive forces and their attendant effects on the financial service system had been enormous.
He told the gathering that the banking industry had remained resilient providing succour for businesses and millions of individuals across the country.
The CIBN President explained that Banks should also continue to reinforce their Risk Management Framework in tandem with Government policies and urged them to consider conducting more market research on how customer needs might change in the post-COVID era.
This, he noted, would inform product development and process improvements.
Also speaking at the event, a former Deputy Governor, Central Bank of Nigeria and Chairman of the event, Ernest Ebi, said that the banking industry must realise its role in the economic recovery process.
He said banks and other financial institutions were expected to play significant roles in shaping the recovery of the economy by supporting households and businesses to rebuild their financial security and business health.
To continue to fill the enormous credit gap and offer customers greater access to requisite financial services, Ebi charged the bankers to look beyond the immediate threat of the pandemic and refocus on understanding their customers’ needs.
He noted that banks needed to adopt new operating models that support rapid and stronger recovery, as well as ensure efficiency and resilience to weather the storm.
