Amid a wide range of disruptions which recently rocked major deposit money banks (DMBs) in Nigeria, First Bank has fixed a date for its transition to a new cloud-based procurement and financial platform.
Daily Trust reports that a number of top banks conducted upgrades to their core banking applications to keep up with the evolving banking system in what appears to be an industry-wide activity, as financial institutions
About four major banks including Sterling, Zenith, and GTBank have conducted the exercise in the last one month, and in most cases, the upgrades had plunged their services into disruptions that lasted for more than a week.
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Digital banking services of most of the affected financial institutions have not fully recovered from the disruptions, Daily Trust reports.
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Customers of top-tier banks expressed concerns over the recurring glitches blocking access to their savings.
In an interview with some customers, they shared their experiences, describing the online transaction glitch as worrisome.
First Bank has now announced plans to transition to a new cloud-based procurement and financial platform as part of its ongoing strategy to improve operational efficiency and service delivery.
The migration is scheduled to begin on Saturday, October 26, the tier one lender with over 42 million customers said in a Wednesday notice.
The Bank wrote: “As part of the Bank’s continuous investments to improve operational efficiencies and service experience, we will be transitioning from our current Procurement and Financial Platforms to a new Cloud-based Platform that provides additional capabilities and benefits.
“During the cut-over period, certain activities and transactions will need to be suspended to aid housecleaning and safe migration of transactions with minimal disruption.
“The cut-over period will be from Saturday, October 26, 2024, to Sunday, November 3, 2024, while the new Cloud-based solution will be live on Monday, November 4, 2024, and normal activities will resume.”
The Bank noted that during the transition period, vendors would be unable to submit invoices on the bank’s current Electronic Business Suite (EBS).
It said payments during this period will only be processed if invoices are submitted for received POs by Friday, October 25, 2024.
While noting that its current supplier portal will no longer be in use effective November 4, the Bank said subsequent communication on the details of the new Supplier Portal and a job card will be provided before Go-live on Monday November 4, 2024.
“Kindly note to take proactive steps as indicated above to avoid business disruption during this critical period. Further details regarding onboarding, training and user guides will be communicated before the end of the week,” the Bank stated.
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