2 weeks Ago By BUKOLA ARO-LAMBO
Following the disruption of service by some banks last month and earlier this month, Guaranty Trust Bank has said it will be embarking a system upgrade transitioning its core banking application to a new suite of Finacle Core Banking application. The upgrade is expected to make all the banking channels of GTBank unavailable from Sunday October 13 to Monday October 14, 2024. The upgrade would also see its branches close early on Friday October 11 and open late on Monday.
Over the past couple of weeks, some banks had embarked on system upgrade to the new Finacle Core Banking application, a process that had left many bank customers unable to access their funds or consummate any transaction via the various banking channels including online banking, bank apps and in some cases within the banking halls. The major system upgrade is anticipated to lead to service disruptions that could affect its 32.8 million retail customers over this weekend.
The bank in an emailed note to its customers stated “as part of our commitment to bringing meaningful improvements to the lives of our customers by leveraging technology, we will begin the transition from our current Core Banking Application to a new and robust suite of Finacle Core Banking Application Systems on Friday, 11th of October 2024. “During this period, we kindly ask you to bear with us as all our branches nationwide will close early to customers at 12:00 p.m on Friday, October 11th and reopen at 9:00 a.
m on Monday, October 14th. Additionally, there will be service disruptions on our digital banking channels for 11 hours, specifically between 10:00 p.m on Sunday, October 13th and 9:00 a.
m on Monday, October 14th. “Overall, this transition will allow us drive digital transformation to achieve insights-driven and frictionless interactions at all our Customer Touchpoints; enhancing the quality of customer experience we can deliver to you. We will keep you updated on our progress as we work towards making your banking experience simpler.
” Meanwhile, Access Bank which had also scheduled its banking application upgrade for this weekend has postponed the planned upgrade. The bank stressed that ensuring robust cybersecurity measures was critical before implementing such a significant overhaul, reflecting the growing concern over data breaches and financial fraud in Nigeria’s banking sector. In a notice to its customers, Access Bank stated “we wish to inform our valued customer that the previously announced system upgrade, initially scheduled to begin on Saturday, October 12, has been postponed.
A new date for the upgrade will be communicated in due course. “We remain committed to ensuring that the upgrade enhances the functionality of our services and delivers an improved banking experience. We appreciate your patience and understanding during this period and encourage you to disregard any speculative reports regarding the upgrade.
Please be assured that all services remain fully operational, and we will keep you updated with further information.” Other Nigerian banks, such as Sterling Bank and Zenith Bank, have also faced challenges during their own system migrations. Sterling Bank’s September switch to SEABaaS, a locally developed system, led to transaction failures, while Zenith Bank’s recent upgrade to Oracle Flexcube caused widespread service outages.
These incidents illustrate the complexity of migrating large amounts of sensitive customer data, while also highlighting the potential vulnerabilities that can emerge during such transitions..
