Afrigather Zenith Financial institution, a Tier-1 Nigerian financial institution with a market capitalisation of ₦1.19 trillion, will finalise the migration of its core banking platform in October after a glitch within the course of disrupted on-line banking companies and left clients unable to entry their accounts.
The financial institution, which beforehand used Phoenix, a software program developed by London-based Finastra, is migrating to Oracle’s Flexcube. No less than eight Nigerian banks use Flexcube.
Two folks acquainted with the matter claimed Zenith Financial institution is switching platforms as a result of Phoenix might not meet its rising technological and customisation wants.
Zenith Financial institution didn’t reply to a request for feedback.
For banks, switching their core banking software program is a major change that requires transferring massive quantities of knowledge. The amount of knowledge and the distinctive options of every system make this step significantly complicated, growing the chance of disruptions. Knowledge migration additionally requires additional steps like revalidation to forestall human errors and performance checks to make sure accuracy.
One particular person with banking platform migrating expertise informed TechCabal that an error throughout this stage sometimes causes glitches and might need led to Zenith pausing its migration plans.
“In case you can clear up knowledge migration, then the remainder [of the migration process] is simple,” one banking software program engineer informed TechCabal.
Zenith Financial institution is a part of a rising record of Nigerian banks altering their core banking platform. Whereas some migrations, like GTBank’s change to Finacle, have gone easily, others, corresponding to Sterling Financial institution’s transfer to a custom-built platform, left clients unable to entry banking companies.
