Banking giant GTBank is nearing the finish line in the upgrade of its core banking system.

GTBank Migrates to Finacle Platform in Significant Shift

Guaranty Trust Bank (GTBank) has embarked on a significant transformation, moving its core banking platform to Finacle, a software developed by Infosys. This shift, which began in late 2023, is designed to minimize disruptions to its large retail customer base.

The decision to switch to Finacle was made in September 2023, after key members of GTBank's management and tech team travelled to India to establish a direct partnership with Infosys. A source directly involved in the process confirmed this development.

The shift was prompted by recurring issues with GTBank's former software, leading to service interruptions. Similar challenges were recently experienced by Sterling Bank's customers due to their migration to a new custom-built core banking system.

Finacle's leadership in the global market is due to its comprehensive solutions, adaptability, and strong performance in core platform functionality. The software offers modules for areas like wealth management and pensions, making it an attractive choice for GTBank.

GTBank previously operated on Basis, a system also used by Providus and SunTrust. The transition to Finacle is a significant step for GTCO, as it seeks to unify its banking and non-banking subsidiaries on a single platform.

The success of this shift will ultimately depend on its impact on customer service and how smoothly the migration is executed. An industry expert likens this transition to performing a heart transplant, emphasizing the potential risks involved. However, the success of the migration will be crucial for GTCO, as it aims to reach its goals with the help of the more robust Finacle platform.

GTCO's adoption of Finacle underscores Infosys' growing influence in the banking sector. This move is part of a larger trend among Nigerian banks adapting to new technological demands and the expansion of digital banking.

In other news, GTBank has reported half-year profits of ₦905.57 billion. The bank's CEO, Segun Agbaje, made the final call to switch to Finacle, and the announcement was made in July 2024 during a presentation to launch the bank's ₦400 billion capital raise. However, there is no publicly available information specifying the exact time when Agbaje made the decision to switch the bank's core banking system to Finacle.

As the migration continues, GTBank customers and stakeholders eagerly await the benefits this transition is expected to bring. The bank remains silent on the matter, with no immediate response to requests for comment regarding the ongoing migration.