Guaranty Trust Bank is finalizing its transition to a new core banking platform, Finacle, developed by Infosys.
This move marks a significant shift from the bank’s previous software, Basis, which was also utilized by Providus Bank and SunTrust Bank.
The decision to adopt Finacle was finalized in September 2023 following a visit by top GTBank executives and tech specialists to India, where they secured a direct partnership with Infosys, bypassing third-party vendors.
According to a report by TechCabal, the change was necessary due to recurring issues with the previous system, which occasionally caused service disruptions.
GTBank’s selection of Finacle is part of a broader plan to integrate its banking and non-banking subsidiaries, such as wealth management and pensions, onto a unified platform. “The bank chose Finacle because it offers modules for its various subsidiaries, making it a comprehensive solution,”TechCabal reported.
Finacle, already used by at least 10 Nigerian banks, including some of the largest commercial institutions, underscores the growing influence of Infosys in Nigeria’s financial sector.
Its reputation as a global leader in core banking software is bolstered by its versatility, extensive solutions, and high performance in core platform functionality.
The shift to Finacle was personally approved by GTBank CEO Segun Agbaje, who first hinted at the transition during a presentation in July 2024, when the bank launched its ₦400 billion capital raise. “The technology needs to be more robust, and Finacle is the right software to get us where we need to be,” Agbaje stated.
GTBank began its migration process in late 2023, aiming to minimize disruptions to its vast retail customer base. However, a change of this scale carries risks.
Recently, Sterling Bank, a tier-2 Nigerian bank, experienced service outages during a similar migration to a custom-built platform.
As GTBank pushes forward with its migration, industry analysts are keen to see how smoothly the process unfolds and its impact on customer service.
GTBank has yet to comment on the ongoing upgrade.
