Guaranty Trust Bank (GTBank) has issued a public apology to its customers following a seven-week service disruption caused by its core banking system migration, affecting millions of Nigerian bank users.
The bank acknowledged significant challenges during its transition to the Finacle Core Banking Application Systems, which began on October 11, 2024. Customers reported widespread issues, including inability to access funds, process transactions, and complete basic banking operations.
In an emotional statement, GTBank expressed deep regret, saying: “We recognize how deeply this period of service disruptions affected your personal activities and business operations.” The bank highlighted that the system upgrade was necessary to improve service delivery and technological capabilities.
Some customers reported critical problems, including unauthorized deductions and extended periods without access to their accounts. One customer claimed a ₦400,000 debit without explanation, underscoring the widespread frustration.
The transition affected GTBank’s 32 million customers and impacted ₦7 trillion in deposits. The bank is not alone in experiencing such challenges, with other Nigerian banks like Sterling and Zenith also reporting similar system migration issues.
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GTBank emphasized that the long-term goal of the upgrade is to create a more agile and adaptable banking system. The bank has promised to continue improving its services and thanked customers for their patience during this difficult period.
While the full impact of the system migration remains unclear, GTBank’s public apology represents an acknowledgement of the errors, and hopefully, a step in addressing customer concerns and rebuilding trust.
