Digital Banking Chaos: Zenith Bank, Guaranty Trust Bank, Others
TECH DIGEST- The Nigerian banking system is undergoing a period of transition and adaptation. Several major Nigerian banks have been undergoing core banking system migrations, leading to temporary service disruptions and customer inconveniences. This process involves transitioning to new and more advanced software systems, which can sometimes cause technical difficulties.
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Guaranty Trust Bank (GTB) has recently delayed the reopening of its branches and digital banking channels due to issues related to its migration to a new Finacle Core Banking Application. Other banks, such as Sterling Bank and, Access Bank, Zenith Bank, have also experienced similar disruptions during their system upgrades, which might still occur. It’s all to strengthen the cybersecurity of the bank to reduce the rates of frauds and scams.
Cybersecurity is the practice of protecting systems, networks, and programs from digital attacks. These cyberattacks are usually aimed at accessing, changing, or destroying sensitive information; extorting money from users through ransomware; or interrupting normal business processes. Implementing effective cybersecurity measures is particularly challenging today because there are more devices than people, and attackers are becoming more innovative.
Cybersecurity remains a significant concern for Nigerian banks. The increasing reliance on digital banking has made these institutions vulnerable to cyberattacks, including phishing scams, malware, and unauthorized access. Banks invest heavily in security measures to protect customer data and prevent financial losses.
