First Bank of Nigeria Limited has announced plans to migrate to a new cloud-based procurement and financial platform, aiming to enhance operational efficiency and improve service delivery.
This transition is scheduled to begin on Saturday, October 26, 2024, and is expected to result in temporary service disruptions for the bank’s over 42 million customers.
In a notice issued on Wednesday, the tier-one lender outlined that the migration is part of its continuous investment in technology to provide additional capabilities and benefits.
The bank stated, “As part of the bank’s continuous investments to improve operational efficiencies and service experience, we will be transitioning from our current procurement and financial platforms to a new cloud-based platform that provides additional capabilities and benefits.”
The transition period will last from October 26 to November 3, during which certain activities and transactions will need to be suspended. This pause is necessary to ensure a safe migration of transactions with minimal disruption.
The bank indicated, “During the cut-over period, certain activities and transactions will need to be suspended to aid housecleaning and safe migration of transactions with minimal disruption.”
Normal operations are expected to resume on Monday, November 4, 2024, when the new cloud-based solution goes live.
The lender emphasized the importance of proactive measures during this critical period. “Kindly note to take proactive steps as indicated above to avoid business disruption during this critical period.
Further details regarding onboarding, training, and user guides will be communicated before the end of the week,” First Bank explained.
Additionally, the bank highlighted some operational changes that will affect vendors during this transition. Vendors will be unable to submit invoices through the current Electronic Business Suite after the migration begins.
Payments will only be processed if invoices for received purchase orders are submitted by Friday, October 25, 2024. The bank stated, “Payments will only be processed if invoices are submitted for received purchase orders by Friday, October 25, 2024.”
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The current supplier portal will also be phased out effective November 4. First Bank assured its customers and partners that more information regarding the new Supplier Portal will be shared ahead of the system’s launch, along with a job card.
This move by First Bank aligns with a broader trend in the Nigerian banking sector, where several financial institutions are upgrading their core banking systems to enhance efficiency and service delivery.
Notably, since September, at least four major banks, including Zenith Bank and Guaranty Trust Bank, have switched their core banking applications.
The migration to a cloud-based platform represents a significant step for First Bank as it strives to keep pace with technological advancements and meet the evolving needs of its customers.
As the bank prepares for this transition, stakeholders are encouraged to stay informed and take necessary actions to minimize disruptions during the migration period.
