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GTBank Pushes Ahead with System Upgrade Amid Disruptions, Access Bank Pauses

Nume Ekeghe
Guaranty Trust Holding Company Plc (GTCo) has announced that it will proceed with a major system upgrade this week, despite anticipated service disruptions that could affect its 32.8 million retail customers.
The bank plans to upgrade its Core Banking Application to the advanced Finacle suite between October 11 and October 14, 2024, in a move aimed at enhancing security and operational efficiency.
The transition, however, comes at a time when customers are already wary of interruptions, especially as many rely heavily on digital services for everyday transactions.
Meanwhile, Access Bank has taken a more cautious approach, postponing its core banking upgrade to reduce the banking disruptions occurring at the same time. They however announced that the upgrade date would be communicated in due time.
GTCo, in its customer notice, acknowledged that the upgrade would cause temporary disruptions, with all branches closing early on Friday, October 11.
Digital channels, including mobile and internet banking, it said, will be limited to essential services like transfers, airtime purchases, and bill payments. The bank also warned of a planned 11-hour service downtime on October 13, impacting customers’ access to online banking platforms.
In its notice to customers, it 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,” it added.
It stated that overall, this transition will allow it 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.
The urgency to upgrade comes as Nigerian banks grapple with the rise of sophisticated cyberattacks. GTCo, like many others, is under pressure to enhance its defences against potential breaches.
Upgrading to the Finacle suite will provide the bank with stronger encryption, better fraud detection capabilities, and more robust systems to safeguard customer funds in a digital-first era.
Access Bank’s decision to delay its upgrade underscores its sensitivity towards customers plight having to experience the shock of various disruptions from other banks.
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.”
By placing a temporary hold on its system overhaul, Access Bank is signalling that customer safety is paramount, especially when threats to digital financial ecosystems are evolving at a rapid pace.
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.