GTBank Apologizes For Week-Long Service Outage That Left Customers Struggling After System Overhaul

Guaranty Trust Bank (GTBank) recently faced severe backlash following a seven-week service disruption that left millions of customers unable to access their funds. The issue arose after the bank transitioned to a new core banking application, Finacle, in October. Customers reported problems ranging from inaccessible funds to incorrect debit and credit alerts, sparking widespread frustration.

In a statement released on Wednesday, GTBank acknowledged the scale of the disruption, offering a public apology for the first time. “Your patience and support during this recent transition to a new core banking system has been nothing short of extraordinary,” the bank stated, addressing its 32.8 million retail customers.

The bank’s ₦7 trillion in deposits and massive retail customer base amplified the impact of the outage. Many customers, like Oyegbile, shared their frustrations. “I could not access my funds for seven weeks. The banking app did not work at all, and I had to rely on the web app, which was inconvenient,” she said.

GTBank began its migration to Finacle in late 2023, following high-level negotiations with Infosys in India. While the new system aims to improve service delivery, the rollout has highlighted the risks associated with such a significant infrastructure overhaul.

The extended disruption has damaged customer confidence, challenging the bank’s promise of reliable access to funds. Analysts believe GTBank faces an uphill battle to restore trust, especially as its competitors watch closely.

GTBank has not commented further on how it plans to address lingering issues or prevent similar disruptions in the future. For now, customers remain cautiously hopeful that the bank’s new core banking system will eventually deliver on its promises of enhanced reliability and efficiency.