E-Financial
Nigerian Bank Customers Face Potential Service Disruptions as Core Systems Undergo Upgrades
Nigerian bank customers may need to prepare for increased service interruptions as banks across the country fast-track the migration of their core banking systems to more secure and cost-effective software.
Many financial institutions have already initiated this process, but it’s expected to intensify in the coming weeks, potentially leading to frequent transaction delays and unexpected outages.
President of the Bank Customers Association of Nigeria (BCAN) and former Registrar of the Chartered Institute of Bankers of Nigeria (CIBN), Dr. Uju Ogubunka, expressed frustration over the limited communication from banks regarding these disruptions.
In an interview with THISDAY, he pointed out that banks should have better informed customers about the potential impact of these upgrades.
Ogubunka said, “The ultimate aim is to improve the system and services to customers, but whether all these upgrades should happen simultaneously is debatable, as it’s causing major disruptions. Additionally, many banks failed to give enough notice to their customers, leaving them unprepared.”
Dr. Ogubunka emphasized the need for more effective communication, particularly for those customers less familiar with digital banking.
“Not every customer is technology-compliant. Banks need to take time to explain these changes and even provide some training to help customers adjust. The lack of preparation is making things worse,” he added.
A banking industry insider, speaking anonymously, confirmed that further disruptions are likely as more banks prepare to migrate.
The insider explained that the shift is motivated by rising operational costs and heightened security concerns.
“The banks pay in dollars for every account held, along with the cost of additional services. With the naira’s decline, these expenses have become unsustainable. That is why banks are looking for cheaper alternatives, whether local or foreign,” the source revealed.
Sterling Bank was one of the first to experience service issues after moving from T24 to SEABaaS, a locally developed platform, in September.
Customers experienced days of limited access to services during this migration.
Similarly, GTBank recently announced its switch from Jordanian/UK-based ICS Financial Services software to Finacle, an Indian platform.
In another case, Zenith Bank suffered a major outage on October 1 while shifting from UK-based Phoenix by Finastra to Oracle’s Flexcube.
Access Bank, which had initially planned its own migration, has since postponed the transition and promised to announce a new date for the update.
Security concerns have also been a driving factor behind these migrations. The insider mentioned that cyberattacks targeting banks are on the rise, pushing institutions to adopt more robust security measures through system upgrades.
“There has been a rise in cyberattacks targeting financial institutions. Banks need systems that are not only cost-effective but also secure. This migration trend is largely about safeguarding against those threats,” the source said.
However, the simultaneous system upgrades by several banks remain a concern for many, as it compounds the impact on customer access and transaction flow.
Dr. Ogubunka and other industry experts have called for a more strategic, customer-oriented approach to avoid further strain.
“Yes, the goal is to improve service quality, but banks should not rush the process and neglect the needs of their customers. Without adequate preparation and communication, we will continue to see more disruptions, and the frustrations will only deepen,” Ogubunka said.
The BCAN president urged banks to focus on educating customers and ensuring smoother transitions to prevent further inconveniences.
The Senate on Wednesday adopted the harmonised conference committee report on the four tax reform bills.
The resolution of the Senate followed its consideration and approval of the recommendations of the conference committee of both chambers set up to harmonize the Bills.
The Chairman of the Senate Committee on Finance and leader of the Senate delegation in the conference committee, Senator Mohammed Sani Musa, presented the report.
The four tax reforms Bills which were transmitted to the National Assembly in November last year by President Bola Ahmed Tinubu include: The Joint Revenue Board (Establishment) Bill, 2025 (SB. 583); Nigeria Revenue Service (Establishment) Bill, 2025 (SB. 584); Nigeria Tax Administration Bill, 2025 (SB. 585); and Nigeria Tax Bill, 2025 (SB. 586).
In recognition of its exceptional contributions to innovative financial solutions for Micro, Small, and Medium Enterprises (MSMEs), Fidelity Bank Plc has been awarded the 2025 Development Bank of Nigeria (DBN) Innovation Award in the Deposit Money Bank (DMB) category.
This prestigious accolade celebrates Fidelity Bank’s commitment to addressing the unique challenges faced by MSMEs, a vital segment in Nigeria’s economic growth.
Dr. Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc, commented on the award, reaffirming the bank’s dedication to empowering Nigerian entrepreneurs: “At Fidelity Bank, innovation is at the heart of our strategy to support MSMEs.
“This recognition underscores our commitment to developing scalable, inclusive, and technology-driven financial solutions that create positive outcomes for our nation’s entrepreneurs. We are honored to receive the DBN award and dedicate it to our loyal customers for their continued support.”
The award was presented at the 2025 Service Ambassadors’ Awards ceremony in Lagos, themed ‘Enhancing Partnership for MSME Resilience and Growth.’ Tony Okpanachi, Managing Director of DBN, emphasized the importance of financial institutions in transforming unbankable ideas into viable businesses through advisory services.
“You, our partners, are acknowledged and celebrated for your outreach to entrepreneurs and businesses seeking to scale. We appreciate you for your role in converting unbankable ideas into bankable businesses,” Okpanachi stated.
He noted that the award aims to recognize partners who make a significant impact, focusing on storytelling and the positive changes they bring to Nigeria.
This award joins a series of landmark initiatives by Fidelity Bank aimed at supporting MSMEs. Earlier in May, the bank signed a Memorandum of Understanding (MOU) with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to facilitate the expansion of Nigerian MSMEs across Africa.
Additionally, Fidelity Bank launched the Fidelity SME Hub in Gbagada, Lagos—a multifunctional facility equipped with training halls, meeting rooms, networking spaces, and studios for music, photography, and content production.
This hub is designed to foster innovation, collaboration, and capacity-building, essential elements for strengthening Nigeria’s SME ecosystem and driving economic growth.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
United Bank for Africa (UBA) Plc, Africa’s Global Bank, has launched a new feature called Advance Top-Up on its USSD banking platform *919#, which is designed to provide instant access to airtime and data for its customers especially when they are out of call credit or disconnected from the internet.
The new feature which was unveiled at the UBA head office in Marina recently, allows customers to borrow airtime or data directly from their mobile devices, offering a fast, dependable solution.
Shamsideen Fashola, group head, Retail and Digital Banking, UBA, who spoke during the official launch, described the feature as a timely addition to the bank’s digital offerings and a testament to the its customer-first approach.
“At UBA, we are constantly looking for ways to make banking and everyday services more accessible for our customers. With the launch of Advance Top-Up on our USSD platform, *919#, we are giving our customers the power to stay connected without interruption, regardless of time, location, or airtime balance,” Shamsideen said.
UBA’s Advance Top-Up which is now live on *919#, joins a wide range of services on the platform, which include airtime and data purchases, money transfers to UBA and other banks, account balance checks, card blocking and freezing, online transaction controls, bill payments, and more.
Fashola emphasised the simplicity and convenience of the solution, adding that “You don’t need to download an app or visit a data centre. Just dial *919#, follow the prompt, and you’re immediately connected. It’s simple, fast, and reliable.”
Alero Ladipo, Bank’s Group Head, Marketing and Corporate Communication, added that the feature was developed based on real feedback from customers and their evolving needs.
“Our users asked for a way to stay connected when they have no airtime, and as always, we have come up with a quick solution, right there on their phones, instantly, with no fuss, and no need for internet connectivity. Whether for emergency communications or business continuity, *919# puts instant connectivity in every customer’s hands,” she explained.
She explained that only recently, the bank unveiled its newly improved Point of Sale (POS) Terminal as well as the UBA MONI App to redefine the digital payment landscape and empower small and Medium Scale Enterprises across Africa.
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