The President of the Chartered Institute of Bankers of Nigeria, Bayo Olugbemi has urged banks to strengthen their cybersecurity architecture to protect themselves against attacks by fraudsters.

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’. Over 600 participants attended the event physically or virtually that

According to Olugbemi, year 2020 was filled with challenges 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 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.