First Bank, a leading tier-1 lender in Nigeria, has announced its plans to implement a new cloud-based procurement and financial platform. This initiative is part of the bank's commitment to improving operational efficiency and enhancing service delivery.
In a communication shared with its vendors and suppliers, which was reviewed by Nairametrics, the bank indicated that the transition is scheduled to commence on Saturday, October 26, and may result in temporary service disruptions. As a result, vendors are being informed in advance.
As of the time of this report, the bank has not communicated any updates to its deposit customers.
This announcement comes in the wake of service interruptions experienced by two other tier-1 banks, Zenith and GTBank, following their recent upgrades to new core banking systems.
In the notice issued on Wednesday, 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.
“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.
“The cut-over period will be from Saturday, October 26, 2024, to Sunday, November 3, 2024, while the new Cloud-based solution will be live on Monday, November 4, 2024, and normal activities will resume.”
The Bank has indicated that vendors will not be able to submit invoices through the current Electronic Business Suite (EBS) during the transition period. Payments will only be processed if invoices for received purchase orders are submitted by Friday, October 25, 2024.
Additionally, the Bank announced that the existing supplier portal will be deactivated as of November 4. Further information regarding the new Supplier Portal and a job card will be communicated prior to the Go-live date on Monday, November 4, 2024. Vendors are encouraged to take the necessary proactive measures as outlined.
“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,” the Bank stated.
The Bank's recent communication primarily focused on the implications for suppliers and vendors during the transition, leaving the potential impact on its depositor customers unclear.
Similar transitions undertaken by Sterling, Zenith, and GTBank have resulted in significant frustration among numerous bank customers, who encountered challenges in executing transactions.
As of Monday, a substantial number of customers from these banks continued to experience difficulties in accessing their funds, even several weeks after the banks announced the completion of the transition process.