Guaranty Trust Bank (GTBank) has obtained a court order allowing it to recover ₦1.9 billion that was erroneously deposited into customer accounts in October 2024. The funds were mistakenly sent due to a duplicate transaction processing error while handling NIBSS Instant Payment (NIP) inflows.
Court Grants Recovery Order
Following an internal investigation, GTBank discovered that some of the funds had already been moved to other banks. The bank subsequently filed a case in the Federal High Court, Lagos, seeking to restrict accounts that had received the extra funds.
Justice F.N. Ogazi granted the order, and it has since been served on receiving banks, enabling the process of recovering the misplaced funds.
GTBank has not yet issued an official statement on the matter.
A Rough Transition to Finacle
The transaction error coincided with GTBank’s migration from its core banking system, Basis, to Finacle, a widely used banking software developed by Infosys. The switch, which was expected to improve operational efficiency, instead led to service disruptions, erroneous transaction alerts, and complaints from frustrated customers.
Between September and November 2024, customers flooded social media with complaints about failed transactions and unstable banking services. The bank eventually issued a public apology in November.
Regulatory Concerns Over Banking Software Upgrades
The Central Bank of Nigeria (CBN) has since issued a directive requiring banks to obtain regulatory approval before making significant core banking upgrades. This decision follows a series of disruptions in 2024, as at least four commercial banks struggled with similar software transitions.
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