On October 14, 2024, GTBank, one of Nigeria’s leading banks with a ₦1.5 trillion market cap, transitioned to Finacle, a new core banking system by Infosys. This move, aimed at enhancing services for its 32.8 million customers, quickly led to widespread transaction failures, missing alerts, and incorrect notifications.
Despite GTBank’s assurances, many users faced ongoing disruptions, with social media buzzing with complaints. The main challenge lies in integrating the bank’s channels, such as online banking and card services, into the new platform. While data migration was reportedly successful, full integration remains an issue with no clear resolution timeline.
A banking consultant explained that integrating channels into a new system is a complex process, and GTBank’s decision to allow transactions during migration may have worsened the aftermath. Transaction alerts from the evening of October 11 were delayed, further frustrating customers.
The bank’s switch highlights the difficulties of major technological upgrades, with the process costing billions. As engineers from Infosys and GTBank work tirelessly, customers anticipate more disruptions, particularly as salary week approaches.
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