- Guaranty Trust Bank admits it faced challenges migrating to a new core banking application
- GTBank said migration was aimed at enhancing customer experience
- There has been a wave of migration to core banking applications in the Nigerian banking sector
Nigerian lender Guaranty Trust Bank (GTBank) has apologised to its customers and admitted to facing difficulties in its recent transition to a new core banking system, Finacle Suite of Core Banking Application Systems.
In a statement on Wednesday, November 27, the bank noted the inconveniences the transition caused its customers, including service disruptions, and appreciated their patience and support during the period.
The bank also reiterated its commitment to improving customers’ experience, adding that the system upgrade was necessary to enhance agility, adaptability, and service delivery.
It said, “When we began the process of implementing the new Finacle Suite of Core Banking Application Systems, our goals were clear: to remain agile as we grow, adaptable and most importantly, to improve your service experience. Yet, we must humbly acknowledge the challenges along the way.
“The process, though necessary, brought with it delays in transaction processing and interruptions to what should be seamless service and we sincerely apologise for this.
“We recognise how deeply this period of service disruptions affected your personal activities and business operations and we thank you for standing with us through it all, offering grace in times of frustration. Thank you for believing in us and allowing us the privilege of continuing to serve you. We are grateful beyond measure.”
GTBank had announced core banking migration
On October 9, GTBank notified customers of likely temporary disruptions to banking services due to its migration to a new core banking application system.
The bank said the transition to Oracle-owned Finacle Core Banking Application Systems would commence on Friday, October 11, and was expected to be completed by Monday, October 14.
However, the transition took longer than was estimated, causing the bank to extend its initial timeline.
The period was punctuated by disruptions to banking services as GTBank’s customers had difficulties carrying out transactions.
A wave of core banking transition
In what seemed like an industry trend, some Nigerian banks announced upgrades to their systems to allow for seamless and easy banking.
The trend started with Sterling Bank, which notified customers of a planned upgrade in September. The upgrade followed the bank’s migration of its Information Technology (IT) services from a Switzerland-based core banking application, Temenos T24, to SeaBaaS by Peerless, an indigenous core banking solution, in September 2024.
The upgrade led to glitches with the bank’s services, with customers lamenting their inability to carry out banking operations, especially using mobile platforms.
The exercise soon snowballed into an industry-wide trend as some banks announced system upgrades.
Zenith Bank informed its customers through text, email, and social media platforms that its app would be automatically updated to a new version on October 1 and that the process would last for only three hours. However, the process lasted for about 72 hours, with customers complaining of their inability to carry out banking services on the bank’s mobile app. The bank migrated from Phoenix, developed by London-based Finastra, to Oracle’s Flexcube.
First Bank would later follow the trend, leaving customers unable to transact on the bank’s platform for six days.
Access Bank, on October 9, notified customers of a scheduled system upgrade but later postponed the exercise that was slated for October 12.
Finacle, Flexcube, 6 other top core banking applications used by Nigerian banks
Meanwhile, TheRadar reported that the Nigerian banking sector was in the spotlight recently following system upgrades undertaken by banks to ensure seamless and easy banking.
TheRadar highlighted the top core banking applications used by Nigerian banks, which include Finacle, Flexcube, and Temenos T24, among others.
