Nigerian banks are gearing up for more service disruptions as they migrate to more secure and cost-effective core banking systems.
This transition is expected to escalate in the coming weeks, leading to further outages and transaction delays.
Dr. Uju Ogubunka, President of the Bank Customers Association of Nigeria (BCAN), criticized banks for insufficiently informing customers about the upcoming changes. “Many banks failed to give enough notice to their customers, leaving them unprepared,” Ogubunka noted.
Industry insiders reveal that this rush to upgrade is driven by rising costs and growing security concerns. Banks currently pay for core banking software in US dollars, which has become unsustainable due to the naira’s devaluation. As a result, they are seeking cheaper and more secure alternatives.
Sterling Bank faced service outages after migrating to SEABaaS in September, while other banks, such as GTBank and Zenith Bank, are also in the process of switching platforms.
Although these upgrades aim to enhance services, critics argue that the simultaneous migrations are causing unnecessary disruptions. Ogubunka urged banks to take a more customer-focused approach, ensuring smoother transitions and better communication.
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