Zenith Bank has announced that it has made substantial progress in resolving the service disruptions caused by its IT software upgrade, which left customers unable to access services for over 48 hours. The bank has confirmed that transactions can now be processed on its platform, reassuring its customers that the upgrade was carried out to enhance service delivery.
In a statement, Zenith Bank expressed, “We sincerely apologize for the service disruptions you experienced recently on our banking channels. This was due to an Information Technology upgrade aimed at improving the quality of service we provide you.”
The bank’s IT update, which initially caused unintended service downtime beyond the communicated October 1, 2024, deadline, left many customers stranded, particularly on payday. Despite being informed of a brief disruption, services remained unavailable until after the projected time.
An inside source revealed to 9am News Nigeria that Zenith Bank is migrating its entire IT infrastructure, transitioning from Phoenix, a Finastra-owned software, to Flexcube, an Oracle-owned platform. This migration marks a significant technological shift, though the bank has yet to confirm or deny the rumor officially.
Zenith Bank remains a leader in electronic transactions, earning N41.2 billion in gross revenue from such services in H1 2024. In the same period, it invested N24 billion in IT, compared to just N8 billion in 2023. The increased spending is partly attributed to high exchange rates, as IT packages are typically paid for in foreign currencies.
Despite its significant investments, the service disruption may impact its Q4 2024 electronic revenue performance. However, Zenith bank remains committed to delivering improved services through its enhanced IT platform.
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