Nigeria's Guaranty Trust Bank (GTBank) has issued a public apology to its customers for a seven-week service disruption that left many unable to access their funds or complete transactions. The disruption was caused by the bank's switch to a new core banking system, Finacle, built by Indian IT giant Infosys.

The apology, issued in a statement on Wednesday, marks the first time the bank has publicly acknowledged the extended disruption, which has caused considerable frustration to its 32.8 million retail customers. The scale of the disruption is significant, given the bank's massive retail customer base and ₦7 trillion in deposits.

One GTBank customer, Oyegbile, shared their experience with TechCabal, saying, "I could not access my funds for seven weeks. The banking app did not work at all, and I had to use the web app, which was inconvenient." The customer's experience is likely representative of many others who were affected by the service disruption.

GTBank's decision to switch to Finacle was made in the fourth quarter of 2023, following a visit by the bank's top management and tech team to India to broker a direct partnership with Infosys. While the core banking system change is critical to improving the bank's service delivery, the service disruption has broken the fundamental promise of banking – ensuring customers can access their money whenever they need it.

The apology is a welcome step towards making amends with customers, but it remains to be seen how the bank will prevent similar disruptions in the future. As the banking industry continues to evolve, it is essential for financial institutions to prioritize the reliability and stability of their systems to maintain customer trust.

The incident serves as a reminder of the importance of thorough testing and planning when implementing new core banking systems. The consequences of such disruptions can be far-reaching, affecting not only customers but also the broader economy. As Nigeria's cost-efficiency leader in commercial banking, GTBank's experience should serve as a lesson to other financial institutions in the region.

In the meantime, GTBank customers will be hoping that the bank's apology is followed by concrete actions to prevent similar disruptions in the future. The bank's ability to restore customer trust will be critical to its continued success in the competitive Nigerian banking landscape.