By Abbas Badmus

Guaranty Trust Bank, one of the leading financial institutions in Nigeria, recently faced a significant challenge as a technical glitch disrupted its operations, causing distress among customers and tarnishing the bank’s reputation.

The glitch, Tech Digest gathered, led to severe disruptions in customer transactions, ranging from online banking to ATM withdrawals, affecting thousands of customers across the nation.

GT Bank has been renowned for its efficient and reliable banking services, leveraging technology to provide seamless transactions to its customers.

However, the recent glitch brought its operations to a standstill, leaving customers stranded and frustrated. The technical problem affected various channels, including online banking platforms, mobile banking apps, ATM networks, and point-of-sale terminals.

The exact cause of the glitch has not been officially disclosed by GT Bank, at the time of going to press.

However, industry experts such as Arthur Ekene attributed it to system upgrades, software bugs or infrastructure issues.

“The complexity of modern banking systems, coupled with the reliance on interconnected networks, increases the likelihood of such glitches occurring,” Ekene said.

The disruption in GT Bank’s services had profound implications for its customers. Many were unable to access their accounts, make transactions, or perform essential banking activities for several days.

This resulted in inconvenience, financial losses, and heightened anxiety among account holders. Some customers reported missed bill payments, delayed salary deposits, and failed business transactions, exacerbating their frustrations.

TechDigest reached out to some GT Bank customers who narrated their bad experiences.

Mr Idris Umar Feta told Tech Digest that he made a POS payment of N12,000 on Wednesday, 6 April 2024, to a Zenith account.

He said: “The transaction showed decline and my account was debited to the said amount. I waited for 24 hours to see if the transaction will be reversed, until now the said transaction wasn’t reversed”.

Another Customer, Nurudeen Ariyo said: “I can’t access my Bank App for a few days now, and am trying to use USSD code but is not working as well”.

Reacting, GT Bank issued a public statement acknowledging the technical glitch. It also apologized for the inconvenience the glitch caused to its customers.

The bank assured its customers that its technical teams were working round the clock to resolve the issue and restore normalcy to its operations.

However, the lack of timely updates and transparency from the bank added to customers’ frustration and eroded trust in the institution.

Indeed, the technical glitch not only disrupted GT Bank’s operations in the short term, but also raised concerns about the robustness of its infrastructure and the reliability of its systems.

Customers may reconsider their loyalty to the bank and explore alternative banking options that prioritize stability and security.

Moreover, the incident underscores the importance of proactive risk management and contingency planning in the banking industry.

The recent glitch experienced by GT Bank serves as a stark reminder of the vulnerabilities inherent in modern banking systems.

While the bank has made efforts to address the immediate impact of the disruption, restoring customer trust and confidence will require ongoing transparency, communication, and investment in technology infrastructure.

Moving forward, GT Bank must prioritize resilience and reliability to prevent similar incidents and safeguard its reputation in the highly competitive banking landscape.

The post FEATURE: How Technical Glitch Ruined GTBank Customers’ Transactions for Days appeared first on Tech Digest News.

TECHDIGEST – The Nigeria Data Protection Commission (NDPC) says it is investigating three banks, a university and other suspects over alleged data breach.

A data breach is an unauthorised access to confidential information.

The commission listed Zenith, Fidelity, Guarantee Trust Banks, Babcock University, Leadway Insurance, etc., for the interaction.

NDPC national commissioner Vincent Olatunji disclosed this in a statement on Thursday.

Mr Olatunji said the investigation came following complaints from data subjects. He explained that with the new Nigerian Data Protection Act (NDPA), the commission had been empowered with a legal framework to address issues of citizens’ data breaches.

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“In the last few weeks, the NDPC has received complaints bordering on unlawful data processing, unauthorised access to personal data and violation of data subjects’ rights,” stated the NDPC chief. “Under Part 10 of the newly signed NDPA 2023, a data controller with a turnover of N200 billion yearly may pay as high as N2 billion, which represents two per cent of the gross revenue.”

He added, “Not only that, offenders also risk up to one-year jail term. We are currently investigating Guarantee Trust Bank, Fidelity, Unity, Zenith banks, Leadway Insurance and Babcock University, among others, for data breach.”

According to him, many micro-finance banks have yet to align their operations with data privacy and protection requirements.

He further revealed that loaning organisations would face the law with the new mandate of the Federal Competition and Consumer Protection Commission.
Mr Olatunji said the mandate required loan organisations to seek compliance and clearance from NDPC before approving online lenders.

“The commission is investigating over 400 complaints in the online lending sector. Soko Loan is already working on a comeback to the digital lending market, but yet to be approved,” said the commissioner.

He, however, said that the commission was engaging in sensitisation exercises to ensure that data controllers understood the implications of a data breach.

According to the national commissioner, the NDPC prioritises awareness more than the scorched earth enforcement process.

(NAN)

The post NPDC probes GTBank, Zenith, Fidelity, Unity Bank for data breach appeared first on Tech Digest News.