Nigerian bank customers should brace themselves for possible service interruptions as banks accelerate the migration of their core banking systems. This shift aims to enhance security and reduce operational costs, but it could lead to frequent transaction delays and unexpected outages in the coming weeks.
Many financial institutions have already initiated these upgrades, but the process is expected to ramp up significantly soon. Dr. Uju Ogubunka, President of the Bank Customers Association of Nigeria (BCAN) and former Registrar of the Chartered Institute of Bankers of Nigeria (CIBN), expressed concerns over the lack of communication from banks regarding these disruptions. He emphasized the importance of keeping customers informed about the potential impacts of these system changes.
“The objective is to improve systems and services for customers. However, whether all upgrades should occur simultaneously is debatable, as it causes major disruptions,” Dr. Ogubunka noted. He stressed the need for banks to provide adequate notice and training to help customers adjust to these changes.
An anonymous banking insider confirmed that ongoing disruptions are likely, as the migration is driven by rising operational costs and increased security threats. The insider highlighted the urgency for banks to adopt more robust systems in light of the growing number of cyberattacks targeting financial institutions.
Despite the benefits of improved technology, the simultaneous upgrades pose a significant challenge to customer access and transaction flow. Experts, including Dr. Ogubunka, have called for a more customer-oriented approach to mitigate disruptions and ensure smoother transitions during this critical period.
News Editor 
Hyelsinta Hassan