Guaranty Trust Bank (GTBank) is a Nigerian bank that has recently achieved a half-year profit of ₦905.57 billion, making it the first Nigerian bank to do so
The bank is currently in the process of transitioning its core banking platform to Finacle, a software developed by Infosys. This change is expected to provide GTBank with better and more robust technology, which will help the bank reach its goals. The migration is designed to minimize disruptions to GTBank's large retail customer base, and the bank chose Finacle because it offers modules for areas like wealth management and pensions.
The decision to switch to Finacle was made in September 2024, after key members of GTBank's management and tech team traveled to India to establish a direct partnership with Infosys, bypassing third-party vendors. This move is part of a larger trend among Nigerian banks adapting to new technological demands and the expansion of digital banking. The success of this shift will depend on its impact on customer service and how smoothly the migration is executed.
GTBank's adoption of Finacle underscores Infosys' growing influence in the market. Finacle is already in use by at least 10 banks, including three of Nigeria's largest commercial banks. The lack of a strong local banking software provider and Finacle's leadership in the global market have further strengthened Finacle's market dominance.
It's worth noting that a change in core banking software can lead to temporary service disruptions. Recently, TechCabal reported that customers of Sterling Bank, a tier-2 Nigerian bank, experienced outages due to the bank's migration to a new custom-built core banking system. "Switching core banking software is like performing a heart transplant," remarked one industry expert.
Overall, GTBank's transition to Finacle is a significant move that is expected to have a positive impact on the bank's operations and customer service. However, the success of this shift will depend on how smoothly the migration is executed and its impact on customer service.
