See more as GTBank finally completes system upgrade, extends branches closing time nationwide

• GTBank has announced that it has successfully completed the transition to a new core banking application system
• The service upgrade has affected customers' use of digital channels for transactions and office operations
• The bank stated that it would be open for longer hours to assist customers and has also apologized 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 transition in a message to customers shared on X.

GTbank completes core banking transition Photo credit: Issouf Sanogo
Source: Getty Images

The transition, which began over the weekend, has affected customers' use of digital channels for transactions and delayed the opening of GTBank's branches on Monday, October 14.

According to GTBank, the upgrade is now completed.

The bank has also decided to extend its working hours to 6pm to cover for the late reopening of branches.

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 has reported how various financial institutions announced upgrades to their core banking applications, which have affected digital channels for transactions.

Sterling Bank, Zenith and Access Bank (which was later postponed) have all at different dates announced the migration to a new core banking system.

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 cost 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, which is 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.

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Source: Legit.ng