Nigeria: First Bank Sets Migration Date Amid System Upgrades Across Nigerian Banking Sector

Amid a wave of system disruptions affecting several major Nigerian banks, First Bank has scheduled its own transition to a new cloud-based procurement and financial platform. This move aligns with industry-wide efforts as many financial institutions undergo significant technology upgrades to enhance service delivery and operational resilience.

In recent weeks, major banks, including Sterling, Zenith, and GTBank, have completed upgrades to their core banking systems, with many experiencing service disruptions that lasted more than a week. These disruptions have caused temporary setbacks in digital banking services, leading to customer frustrations over restricted access to funds and transaction delays.

First Bank’s migration to the new platform is part of its broader strategy to optimize efficiency and elevate the service experience for its over 42 million customers. The migration will commence on Saturday, October 26, 2024, and is expected to be completed by Sunday, November 3, 2024, with regular operations resuming on Monday, November 4, 2024.

In a public statement, the Bank outlined the anticipated benefits of the new platform, saying, “As part of the Bank’s ongoing investments to improve operational efficiencies and customer experience, we will be transitioning to a new cloud-based platform with enhanced capabilities and features. During this transition, certain activities and transactions will be paused to ensure a secure migration with minimal disruption.”

During the migration period, vendors will be temporarily unable to submit invoices through the bank’s current Electronic Business Suite (EBS). First Bank advised that payments would be processed only if invoices are submitted for approved purchase orders by Friday, October 25, 2024.

The Bank also noted that its current supplier portal will be deactivated as of November 4, after which it will provide detailed instructions on the new Supplier Portal, along with a job card for smooth onboarding before the platform’s official launch on November 4, 2024.

To mitigate any operational disruptions, the Bank urged vendors and customers to proactively prepare for the transition. First Bank added that comprehensive onboarding support, including training sessions and user guides, will be shared before the migration is complete.