First Bank has revealed plans to shift to a new cloud-based procurement and financial platform, as part of its broader strategy to enhance operational efficiency and service delivery.
This transition, set to begin on Saturday, October 26, may cause temporary service interruptions, the tier-one bank with over 42 million customers announced in a notice released Wednesday.
The move follows a series of recent disruptions in Nigeria’s banking sector, as multiple financial institutions upgrade their core banking systems.
Since September, at least four major banks in the country, including tier-one lenders like Zenith Bank and Guaranty Trust Bank, have updated their core banking applications.
The notice partly stated, “As part of our ongoing investment in improving operational efficiency and customer experience, we will be moving from our current procurement and financial platforms to a cloud-based solution that offers additional features and benefits.”
“Certain activities and transactions will need to be paused during the cut-over period to ensure a smooth migration with minimal disruption,” the bank added.
The cut-over period will run from Saturday, October 26, 2024, through Sunday, November 3, 2024, with the new platform going live on Monday, November 4, 2024, when normal operations will resume.
First Bank also mentioned that vendors will not be able to submit invoices through its current Electronic Business Suite during the transition. Payments will only be processed for invoices submitted on or before Friday, October 25, 2024, for received purchase orders.
The existing supplier portal will be discontinued as of November 4, and the bank will provide more details about the new Supplier Portal, including a job card, before the new system goes live.
“Please take proactive measures as advised to avoid any business disruptions during this critical period. Additional details on onboarding, training, and user guides will be provided by the end of the week,” the bank added.
