MATTERS ARISING: Why are banks having system upgrades simultaneously?

Oct. 14, 2024 - TheCable

The core banking application is a backend system that processes daily transactions and posts updates to accounts and other financial records. AdvertisementDuring the exercise, there are usually glitches — a problem many Nigerian bank customers have been facing since last month.

He said the banks’ system upgrades are often coincidental as the financial institutions try to innovate and improve their services. No one bank informs other banks about their platform or system upgrade or maintenance,” he said.

“It runs in the DNA of Nigerian banks to do so as a beacon of innovation and progressiveness which is why Nigerian banks are the toast in the sub-Sahara and African continent and beyond.”ARE FUNDS SAFE DURING SYSTEM UPGRADES?..