First Bank to Transition to New Cloud-Based Platform, Expecting Temporary Service Disruptions
In a significant move to improve operational efficiency and service delivery, Nigeria-based First Bank has announced plans to transition to a new cloud-based procurement and financial platform. The migration is scheduled to begin on October 26, 2024, and is expected to cause temporary service disruptions.
This development comes as the Nigerian banking sector has witnessed a recent wave of disruptions, with several financial institutions upgrading their core banking systems. At least four major banks in the country, including Zenith Bank and Guaranty Trust Bank, have already switched their core banking applications since September.
According to a statement released by First Bank, the transition is part of its continuous investments to improve operational efficiencies and service experience. The bank will be moving from its current procurement and financial platforms to a new cloud-based platform that offers additional capabilities and benefits.
During the transition period, which will last from October 26 to November 3, 2024, certain activities and transactions will be suspended to ensure a smooth migration with minimal disruption. The new cloud-based solution is expected to go live on November 4, 2024, when normal activities will resume.
To minimize the impact of the disruption, First Bank has advised its vendors to submit invoices for received purchase orders by October 25, 2024, as payments will only be processed for invoices submitted before this date. Additionally, the bank’s current supplier portal will no longer be in use effective November 4, 2024.
First Bank has assured its customers that it will provide further communication on the details of the new Supplier Portal, along with a job card, ahead of the system’s go-live date. The bank has also promised to provide additional details regarding onboarding, training, and user guides before the end of the week.
"We kindly advise our customers to take proactive steps to avoid business disruption during this critical period," the bank stated. With this transition, First Bank aims to improve its service delivery and operational efficiency, ultimately benefiting its over 42 million customers.
