Nigerian Banks Struggle with Service Disruptions Amid Core System Upgrades, Sparking Customer Frustrations
As several Nigerian banks, including Guaranty Trust Bank (GTBank), Access Bank, and Zenith Bank, undergo critical system upgrades, millions of customers are left grappling with widespread service disruptions. The most notable upgrade is from GTBank, which announced a planned suspension of services from October 11 to 13 to implement the Finacle Core Banking Application. This upgrade aims to enhance security and improve customer experience, but it has led to significant dissatisfaction as both digital and in-branch banking services are affected.
GTBank confirmed that all branches would close early on October 11, 2024, to facilitate the transition to the upgraded system. The bank will also experience an 11-hour service downtime on October 13, which is expected to impact digital and internet banking. Although the bank emphasized that the upgrade will improve future transactions, many customers are already experiencing delays in processing essential services, such as salary payments and utility bills.
Customers at various GTBank branches reported long queues and slow service, with many relying on internet banking that has been inconsistent. Some customers voiced concerns about the bank’s ability to handle the upgrade smoothly, fearing that prolonged service disruptions could extend beyond the scheduled dates.
The situation is not limited to GTBank. Access Bank also announced a system upgrade earlier, which was later postponed. Despite this delay, customers have reported issues with slow digital transactions, delayed salaries, and failed transfers. Complaints have surged on social media, where frustrated users have called out banks for poor service and inadequate communication.
Zenith Bank, which recently completed a system transition, faced its own backlash when customers experienced prolonged network outages. Many small businesses and individuals were affected, with some customers reporting they could not access funds for days. Videos circulated online showed upset customers at Zenith Bank branches, nearly resorting to physical confrontations due to unresolved issues.
For small businesses, particularly those relying on electronic transactions, the delays have led to severe financial implications. Temitope Feffi, an event planner, shared her experience with Access Bank’s downtime. She revealed that the delay in processing payments to her staff and vendors had resulted in operational setbacks, affecting her ability to meet business commitments. “I’ve tried to make multiple payments, but the transactions keep failing. It’s affecting my work, and it’s very frustrating,” Feffi explained.
Similar complaints came from customers like Ayo, a Zenith Bank user, who expressed frustration after waiting 48 hours to access funds. Despite repeated attempts, he has yet to receive a successful response from the bank.
As banks strive to upgrade their systems, concerns are growing around the security and efficiency of the transitions. Many banks are transferring vast amounts of sensitive customer data to new platforms, which could expose the systems to potential vulnerabilities. The Central Bank of Nigeria (CBN) has championed these upgrades to ensure more secure and efficient banking services in line with its cashless policy goals, but the resulting disruptions have raised questions about the preparedness of banks to handle such transitions.
Experts are concerned that if these technical issues persist, more Nigerians may begin to withdraw their funds and keep cash at home, which would undermine the CBN’s cashless economy initiatives. The situation also highlights the growing need for improved communication from banks during system transitions to minimize customer frustration and financial strain.
About Post Author
Views: 1
