By outdoor-nature-child.com **Interviewer:** Can you tell us about Guaranty Trust Holding Company’s recent announcement regarding the system upgrade?
**Nume Ekeghe:** Sure! Guaranty Trust Holding Company Plc (GTCo) has announced a significant system upgrade planned for this week. This upgrade is meant to enhance their Core Banking Application by transitioning to the advanced Finacle suite. However, they anticipate that it may cause some service interruptions that could affect their 32.8 million retail customers.
**Interviewer:** What is the timeline for this upgrade, and what impact will it have on customers?
**Nume Ekeghe:** The upgrade is scheduled between October 11 and October 14, 2024. During this time, customers are advised that all branches will close early on Friday, October 11, at 12:00 p.m. Digital channels will only offer critical services like transfers and bill payments. Also, there will be an 11-hour service downtime on October 13 that will affect online banking access.
**Interviewer:** What did GTCo communicate to its customers about this upgrade?
**Nume Ekeghe:** In their notice, GTCo expressed their commitment to enhancing customer experiences through technology. They urged customers to be patient, stating that branches would reopen at 9:00 a.m. on Monday, October 14. They also outlined the specifics of the downtime for digital banking, emphasizing the importance of this transition for improving security and operational efficiency.
**Interviewer:** Given the current climate regarding cyber threats, why is this upgrade particularly important?
**Nume Ekeghe:** The urgency for this upgrade is tied to a rise in sophisticated cyberattacks targeting Nigerian banks. GTCo, like many others, is feeling the pressure to enhance its defenses against potential breaches. The switch to the Finacle suite aims to provide stronger encryption, better fraud detection, and more robust systems to safeguard customer funds in today’s digital financial landscape.
**Interviewer:** Access Bank has taken a different approach regarding its own system upgrade. Can you explain their decision?
**Nume Ekeghe:** Yes, Access Bank decided to postpone their core banking system upgrade, which was originally set for October 12. They want to minimize disruptions for their customers, especially given the uncertainty surrounding other banks’ upgrades. They will announce a new date for the upgrade soon.
**Interviewer:** How did Access Bank communicate this decision to its customers?
**Nume Ekeghe:** Access Bank acknowledged their customers in a notice, emphasizing their dedication to enhancing service functionality through the upgrade. They advised customers to disregard speculative reports regarding the timeline and assured them that all services remain operational.
**Interviewer:** Other banks have faced challenges during system migrations. Can you elaborate on this?
**Nume Ekeghe:** Indeed, other Nigerian banks, like Sterling Bank and Zenith Bank, have encountered their own difficulties during migrations. For instance, Sterling Bank’s switch to SEABaaS resulted in transaction failures, while Zenith Bank’s recent upgrade to Oracle Flexcube led to significant service outages. These incidents illustrate the complexities and potential vulnerabilities associated with moving sensitive customer data during such transitions.