..customers groan as Failure delivery and incomplete transactions on banking networks become rampant
Caption:Yeni Cardoso,CBN Governor
Nigerian banks are bracing for potential service disruptions as they expedite the migration of their core banking systems to more secure software.
In the last two weeks, customers of leading Banks in the country have faced disruptions as their transfers and services have failed to reach their destinations and various sums of money trapped.
This is even as the Banks have failed to rectify the situation putting many customers in jeopardy in their various businesses and personal pursuits.
It is also coming at a time when the Banks are encouraging their customers to embrace cashless policy by restricting the amount of cash transactions.
This move to brace up for migration, already underway at many institutions, is expected to intensify in the coming weeks, potentially leading to further outages and transaction delays.
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President of the Bank Customers Association of Nigeria (BCAN), Uju Ogubunka criticized banks for failing to adequately notify customers about the impending disruptions.
She highlighted the importance of better communication, especially for those less familiar with technology.
An industry insider, speaking anonymously, attributed the rush to upgrade to rising costs and increasing security threats.
Many Nigerian banks have been paying for core banking software in US dollars, a significant burden given the naira’s devaluation.
Additionally, the rise in cyberattacks has underscored the need for more secure systems.
Several major banks, including Sterling Bank, GTBank, Zenith Bank, and Access Bank, have experienced or announced plans for core banking system migrations.
These transitions, while aimed at improving services and security, have led to service disruptions and customer frustrations.
Ogubunka urged banks to prioritize customer education and ensure smoother transitions to mitigate further disruptions.
By adopting a more measured and customer-focused approach, banks can minimize the impact of these necessary upgrades on their customers.
Source:Global Financial Digest
