Guaranty Trust Bank (GTBank) has issued an update regarding its ongoing transition to a new Finacle Core Banking Application System. The bank notified customers that the migration, originally planned to be completed earlier today, is taking longer than anticipated. As a result, all banking channels, including physical branches, will now reopen at 12:00 p.m. today instead of the previously scheduled 9:00 a.m.

In a communication to customers, GTBank said, “Following our recent notification on the transition to a new and robust suite of Finacle Core Banking Application Systems, we would like to update you that this transition has taken a little longer than planned. As a result, all Banking Channels, including our Branches, originally scheduled to reopen at 9:00 am will now open at 12.00 noon today.” 

GTBank had initially informed customers about the migration, which began on Friday, October 11, 2024, and was expected to conclude by 9:00 a.m. on Monday, October 14, 2024. This migration was anticipated to cause temporary disruptions in the bank’s digital banking services and branch operations.

According to previous reports, GTBank’s branches nationwide had closed early on Friday and were expected to reopen this morning. However, with the updated timeline, customers will now have to wait until noon for full access to the bank’s services.

The bank had earlier mentioned that while core services such as transfers and bill payments would remain available via digital channels during the migration period, other services would be temporarily unavailable.

Customer Frustration and Reactions

The delay has sparked a wave of dissatisfaction among customers, particularly concerning the inability to make banking transactions. Many customers took to social media to express their frustrations:

@coderNotifier tweeted, “Woke up this morning, and my GTBank app is not working. Someone cannot have an emergency on a Monday morning in this country.”

@tuclint expressed deeper frustration, stating, “I am completely stranded now because @gtbank, which I’ve been using for over 15 years, chose to shut down service without notifying me. I don’t know how many others out there were also left uninformed, but this is wrong and unacceptable.”

@Joezzys_Space tweeted, “@gtbank you better fix your network if you know what is good for you. Don’t add to Nigerians problem 😤😤”

Reasons Behind the Delay

While GTBank hasn’t explicitly outlined the reasons for the prolonged transition, it’s clear that the upgrade is proving more complex than initially anticipated. These delays highlight the challenges associated with large-scale system transitions, particularly in the banking sector, where security and stability are paramount.

The Finacle Upgrade and its Benefits

GTBank highlighted that the ongoing transition to the new Finacle Core Banking System is designed to improve the bank’s service delivery, enabling smoother and more efficient customer interactions. In an earlier statement, the bank emphasized, “Overall, this transition will allow us to 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.”

Impact on Banking Operations

The extended disruption caused by the delay has highlighted the critical role that banking systems play in everyday life. For many customers, the inability to access their funds and conduct essential banking transactions has caused significant inconvenience. The incident serves as a reminder of the potential consequences of system outages and the importance of robust contingency plans for such events.

A Trend of System Upgrades in the Nigerian Banking Sector

GTBank’s system upgrade is part of a broader trend among Nigerian banks. Several institutions, including Zenith Bank, Access Bank, and Sterling Bank, have announced similar transitions to new core banking applications in recent months. These upgrades are driven by a desire to improve operational efficiency, enhance customer experience, and strengthen technological infrastructure.

The Future of Banking Technology in Nigeria

The ongoing wave of system upgrades in the Nigerian banking sector suggests a commitment to embracing technological advancements. As banks strive to meet the evolving needs of their customers, we can expect to see more innovative and digital-centric solutions in the future. The adoption of new core banking systems will play a vital role in this evolution, shaping the landscape of banking in Nigeria for years to come.

Looking Ahead: A New Era of Digital Banking?

Despite the challenges and disruptions associated with the recent system upgrades, it’s important to remember that these changes are ultimately aimed at improving customer experience. The transition to new core banking systems will ultimately pave the way for a more seamless and digital-centric banking experience for customers in Nigeria.

As technology continues to evolve, we can expect to see further advancements in the banking sector. The future holds the promise of innovative solutions, enhanced security, and a more integrated banking ecosystem. The recent system upgrades are just one step in this ongoing journey towards a new era of digital banking in Nigeria.