Finally, GTbank Completes System Upgrade, Extends Branches Closing Time Nationwide
- GTBank has announced that it has completed the transition to a new core banking application system
- The service upgrade started on Friday, October 11, and affected customers' use of digital channels for transactions
- The bank stated that it would be open for longer hours to assist customers and has also apologised for the challenges experienced
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Guaranty Trust Bank (GTBank) has fully transitioned to a new finacle core banking application systems suite.
The bank announced the completion of the transition in a message to customers.
Source: Getty Images
The transition, which began over the weekend, has affected customers' use of digital channels for transactions and delayed the reopening of GTBank's branches on Monday, October 14.
According to GTBank, the upgrade has been completed.
The bank has also decided to extend its working hours to 6pm to cover for the late branches reopening on Monday.
The message reads:
"Dear Customer, We are pleased to inform you that we have successfully transitioned to a new and robust suite of Finacle Core Banking Application Systems, and all our branches will be open till 6 p.m. today to serve you.
"We thank you for your understanding during this transition; your continued trust means everything to us."
Nigerian banks migrate to new core banking system
Legit.ng reported how various financial institutions announced upgrades to their core banking applications, which have affected digital transaction channels.
Sterling Bank, Zenith and Access Bank (later postponed) announced the migration to a new core banking system on different dates.
The core banking application is a backend system that processes daily transactions and posts updates to accounts and other financial records.
In a statement explaining the system upgrade, Abubakar Suleiman, the chief executive officer (CEO) of Sterling Bank, noted that the transition would allow the bank to domesticate its technology costs and reduce the cost of financial inclusion.
His words:
"African banks spend hundreds of millions of dollars annually on foreign core banking applications, further putting pressure on the continent’s balance of trade."
Zenith Bank issues update on network issues
Earlier, Legit.ng reported that Zenith Bank apologised to customers for the service disruption that affected electronic banking transactions.
The bank clarified that the glitches resulted from routine information and technology maintenance, essential for optimising delivery.
The financial institution assured customers that progress had been made and service had been restored.
Zenith Bank is one of Nigeria's largest and most reputable banks, consistently recognised over the years for its excellence.
Proofreading by Nkem Ikeke, journalist and copy editor at Legit.ng.
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Source: Legit.ng
