Olufemi Adeyemi 

Zenith Bank announced on Thursday that it has made significant strides in its IT upgrade, which had caused a disruption in banking services for more than 48 hours. The bank confirmed that customers can now conduct transactions across its various platforms.

This information was shared through a statement on the bank's X account.

Zenith Bank also expressed its apologies to customers for the inconvenience, emphasizing that the upgrade aims to enhance service quality.

The bank indicated that customers can now utilize their debit cards, mobile app, internet banking, and access services through agents across the country.

While the statement highlighted the progress made, it also noted that the IT upgrade is still ongoing, as the bank referred to the advancements as 'significant progress.'

We sincerely apologize for the service disruptions you experienced recently on our banking channels. This was due to an Information Technology upgrade aimed at improving the quality of service we provide you. 

“We have made significant progress with the upgrade and you can now perform transactions conveniently. You can also visit any of our branches nationwide to perform your transactions.” 

Zenith Bank informed its customers on Tuesday, October 1, about scheduled maintenance that would lead to temporary service interruptions lasting a few hours. 

However, despite the bank's assurance that services would resume by 2:30 PM that same day, customers were unable to access their funds for more than 48 hours. This disruption coincided with salary payment periods, leaving many employees unable to withdraw their earnings.

Additionally, earlier reports indicated that Zenith Bank was not merely performing routine IT maintenance but was in the process of migrating its core banking system to a new platform. The bank has neither confirmed nor denied these claims. 

Previously utilizing Phoenix, a software developed by Finastra in London, Zenith Bank is reportedly transitioning to Oracle’s Flexcube, a system already adopted by several other banks in Nigeria. 

Switching core banking software is a substantial undertaking for banks, involving the transfer of extensive data and requiring more comprehensive measures than standard IT maintenance. 

As a tier-1 bank, Zenith Bank was one of the top earners from electronic transactions in the first half of 2024, generating N41.2 billion, which marks an impressive 85.6% increase from the N22.2 billion reported in the same period of 2023. 

During this time, the bank also significantly increased its IT expenditure from N8.6 billion in the first half of 2023 to N23 billion in the first half of 2024, reflecting a 167% rise. However, the recent prolonged service disruptions may negatively impact its electronic transaction revenue in the fourth quarter of 2024.