Nigeria's top financial institutions, Zenith Bank and FirstBank, have extended their apologies to customers for the service disruptions that occurred on Tuesday, October 1, 2024.
Nigeria's leading financial institution, Zenith Bank, has issued an apology to its customers for service interruptions experienced on Tuesday, October 1, 2024.
In a statement released on the same day, the bank explained that the disruptions were due to scheduled information and technology maintenance. While the bank had indicated that the service outage would occur from 12:01 am to 02:30 pm, many customers reported ongoing issues beyond this timeframe.
"On Tuesday, October 01, 2024, our Mobile Banking App, USSD Service, Internet Banking, and Corporate Internet Banking platforms will be unavailable from 12:01 am to 02:30 pm WAT. We appreciate your understanding and assure you that we are taking steps to minimize any service interruptions during this maintenance," the bank communicated.
Customer feedback on social media reflected dissatisfaction, with Chima Favour Ejim stating, "It’s still not working till now," while another customer, Michael Okpara, expressed his frustration, calling the situation terrible. This incident coincides with Nigeria's 64th Independence Day celebrations across the country.
Zenith Bank, a leading Tier-1 bank in Nigeria with a market capitalization of ₦1.19 trillion, is set to complete the transition of its core banking system in October. This decision follows a disruption in online banking services that prevented customers from accessing their accounts.
Previously utilizing Phoenix, a software solution from the London-based company Finastra, the bank is now moving to Oracle’s Flexcube platform, which is already employed by at least eight other Nigerian banks.
Sources close to the situation have indicated that Zenith Bank is making this switch because Phoenix was unable to accommodate its expanding technological requirements and customization demands.
Zenith Bank is among a number of Nigerian banks that are transitioning to new core banking systems. While certain migrations, such as GTBank's adoption of Finacle, have been successful, others, including Sterling Bank's shift to a bespoke platform, have resulted in customers facing difficulties in accessing banking services.
Also, FirstBank, the foremost multinational bank and financial services provider in Nigeria, has issued an apology to its customers for the challenges experienced with the FirstMobile platform on Tuesday, October 1, 2024.
In a communication sent via email, the bank acknowledged that customers might be encountering difficulties with transactions on FirstMobile and expressed sincere apologies for the inconvenience. The bank appreciates its customers' understanding as it works diligently to resolve these issues promptly.
In the interim, FirstBank has highlighted that alternative services such as First Online, USSD (*894#), and ATMs are available for transaction needs.
As the bank addresses these concerns, it encourages customers to remain vigilant against potential fraudsters who may seek to exploit their banking information for malicious purposes.
"We are aware that you may be experiencing some challenges in transacting on our FirstMobile platform.
"We do apologise and ask that you bear with us as we are currently working on rectifying this issue in the shortest possible time. Our alternative channels - First Online, USSD (*894#) and ATMs are available for your use in carrying out your transactions at this time.
"As we strive to fix the issues, please be warned of fraudsters who may attempt to solicit your bank information for fraudulent purposes.
Thank you for your patience. We will provide an update shortly."
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