Guaranty Trust Bank (GTBank) acknowledges the challenges encountered during its recent transition to the Finacle Suite of Core Banking Application Systems, resulting in disruptions to its services.
In a statement issued on Wednesday, the bank apologizes to customers for the inconveniences caused, emphasizing its commitment to delivering better service. GTBank states that the upgrade is necessary to enhance its agility, adaptability, and overall service quality.
Bank’s Statement
GTBank explains that while the transition aims to improve customer experience in the long term, the process has been more challenging than anticipated.
“When we started implementing the new Finacle Suite of Core Banking Application Systems, our goals were clear: to remain agile as we grow, adaptable, and focused on improving your service experience. Unfortunately, we faced delays and interruptions along the way, and we sincerely apologize for this.
“We understand how these disruptions impacted your personal and business activities. Your patience and trust during this period mean the world to us. Thank you for standing by us and giving us the opportunity to serve you better.”
Background
GTBank announced on October 9, 2024, that it would migrate to the new core banking system. The process, scheduled to begin on October 11 and conclude on October 14, experienced delays, causing extended service disruptions.
During this time, customers reported difficulties accessing their accounts and conducting transactions, which led to widespread frustration. The bank assures customers that it is working to resolve all issues and restore seamless operations.
Broader Industry Context
GTBank is not alone in upgrading its core banking systems. Sterling Bank recently migrated to SEABaaS, a locally developed system, which caused service disruptions in September. Similarly, Zenith Bank experienced outages in early October during its transition to Oracle’s Flexcube platform.
There are indications that other banks are planning similar upgrades but may avoid public announcements to prevent customer concerns or panic.
GTBank reaffirms its dedication to improving service delivery and assures customers that it will take steps to minimize future disruptions during system enhancements.
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