Disruptions Persist Amid GTBank’s Transition to New Banking System

Customers of Guaranty Trust Bank (GTB) are still facing challenges accessing banking services, despite the bank’s claim of completing its transition to a new core banking application system. The downtime, which has spanned several days, has left many unable to use the bank’s digital platforms.

Both individual and corporate customers are affected by the continued service disruptions. Corporate clients, in particular, have urged their customers to use alternative banks for transactions. Digital investment platform i-invest, in an email to its users on Tuesday, advised them to avoid delays by switching to banks not experiencing downtimes. The email read:

“Following our previous update, GTBank, Zenith, and Access Bank are still experiencing downtime due to ongoing system upgrades. This is impacting the processing of deposits and withdrawals through these banks on i-invest. To avoid delays, we recommend using other banks available for your transactions.”

On Monday evening, GTBank announced that it had successfully completed its transition to a new core banking system, noting that its branches would extend operating hours until 6 PM to address customer needs. The bank stated:

“We have successfully transitioned—all our branches are now open till 6 PM to serve you. We are pleased to inform you that we have completed our move to a new and robust suite of Finacle Core Banking Application Systems.”

Despite these assurances, customers continue to experience difficulties. Last week, GTBank had informed the public of early branch closures and disruptions to its digital services as part of the system upgrade. On Friday, all branches closed early as part of the transition process. Additionally, the bank had announced a planned 11-hour outage, scheduled from 10 PM on Sunday, 13th October, to 9 AM on Monday, 14th October 2024.

The disruptions at GTBank come amid a broader trend in Nigeria’s banking sector, where several banks, including Zenith and Access, are conducting system upgrades. These planned transitions, coupled with unplanned outages caused by issues with the Nigeria Inter-Bank Settlement System (NIBSS), have resulted in widespread service interruptions. Nigerian bank customers are bracing for further disruptions in the coming weeks as other financial institutions prepare to upgrade their core systems.