This is bad! Customers raise alarm over frequent network failure in Nigerian banks

• Consumers of the different banks have lamented the continuous breakdown of the financial organizations' websites
• They expressed worry that the problem was becoming more bothersome, frightening, and regular
• CBN reassured that the bank will always be dedicated to preserving the stability of the Nigerian financial system

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

Customers of the various banks have bemoaned the ongoing failure of the financial institutions' web network.

CBN reacts as customers of GTB, Zenith, others raise alarm over consistent network failure
Source: Getty Images

Customers who talked with the News Agency of Nigeria in Abuja on Thursday expressed concern that the issue was growing more frequent, annoying, and alarming.

Guaranty Trust Bank (GTB) customer Bukola Attah claimed that the bank's internet transactions had been erratic, which made it challenging for companies to prosper.

According to Attah in a Vanguard report, the development can cause the system to become unstable.

She added that the beneficiary's GTB account was opened through her online transfer from her GTB application to a FirstBank Plc customer.

”I really do not understand what GTB is out to achieve by illegally opening an account for someone without his or her consent. I transferred N50,000 from my GTB account to my friend who has a First Bank account.”The money left my account but it did not reflect in her account rather she got an alert from GTWorld telling her of the account in her name at GTB. Although an insider there said it is a way of getting more customers this is fraudulent.

A Sterling Bank customer Nkechi Udeke said that the bank's network has been fluctuating since September.

”Since the beginning of September, the bank has been having network issues. You do not receive credit or debit alerts.”During this period, I lost a lot of money in my business because a customer will pay for items online and send his debit alert to you.

Access Bank customer Philip Solomon urged the Nigeria Deposit Insurance Corporation (NDIC) and the Central Bank of Nigeria (CBN) to strengthen their regulatory programs.

Solomon asked the two authorities to investigate and ascertain the condition of the banks in Nigeria.

Additionally, Mrs. Blessing Alinta, a civil servant and Zenith Bank customer, said that she received her September salary late due to the bank's ongoing system upgrade, which had been ongoing for a few weeks.

In order to prevent the kind of dissatisfaction experienced by customers during the update, Alinta made a request to the bank to guarantee that the system operated efficiently moving forward.

First City Monument Bank (FCMB) customer Babangida Yakubu claimed that because of the unstable network, it has been challenging for him to make transactions and pay his electricity bills.

Banks react

On its X, GTB said that the bank would start implementing the switch to a more advanced suite of Finacle Core Banking Application Systems.

Customers were notified by the bank that all of its branches across the country would close early on Friday, October 11 at noon, and reopen on Monday, October 14 at 9 a.m.

”During this period, we encourage you to take advantage of our secure and convenient digital channels for your banking needs.”Please note that there will be no service on our digital channels for 11 hours specifically from 10 p.m. on Sunday, Oct. 13 till 9 a. m. on Monday, Oct. 14 as part of the transition process,” the bank said.

Additionally, Zenith Bank apologized to its customers for the service interruptions they had to deal with on its X.

The bank claimed that an information technology (IT) upgrade intended to raise the caliber of their services was the cause of the disturbance.

”We have made significant progress with the upgrade and you can now perform transactions conveniently.

CBN reacts

In the meantime, the CBN has reassured Nigerians not to worry because it has implemented measures to guarantee the security of all money placed in financial institutions throughout the nation.

In a statement released on Tuesday, the acting director of corporate communications for the apex bank, Hakama Ali, reassured the public that the bank will always be committed to maintaining the stability and dependability of the Nigerian financial system.

Access bank moves planned system upgrade

Legit.ng reported that Access Bank has announced the postponement of its scheduled system upgrade on Saturday, October 12, 2024.

In a statement released on X, the bank said that a new date for the upgrade will be communicated to customers.

Legit.ng had previously reported that Access Bank announced that a service upgrade will occur for at least 8 hours from Saturday, October 12th, at 10.00 pm to Sunday, October 13th, 2024, at 6.30am.

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Source: Legit.ng