Guaranty Trust Bank (GTBank) has fully transitioned to a new finacle core banking application systems suite. The bank announced the completion of the transition in a message to customers.
The transition, which began over the weekend, has affected customers’ use of digital channels for transactions and delayed the reopening of GTBank’s branches on Monday, October 14.
According to GTBank, the upgrade has been completed.
The bank has also decided to extend its working hours to 6 pm to cover the late branches reopening on Monday.
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.”
NigeriaMedia has reported how various financial institutions announced upgrades to their core banking applications, which have affected digital transaction channels....Read Full Article [Click Here>]
Sterling Bank, Zenith and Access Bank (later postponed) announced the migration to a new core banking system on different dates.
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, it was 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.”
