Zenith Bank has restored its banking services after a major disruption that lasted over 48 hours. The bank, one of Nigeria’s largest financial institutions, faced significant backlash from its customers who were unable to access their funds or carry out transactions during this period.
In a statement released on Thursday via its social media platform, the bank apologised to its customers and explained that the disruption was due to an ongoing Information Technology (IT) upgrade aimed at improving service delivery.
The outage, which started on October 1, 2024, left many of the bank’s customers stranded, especially salary earners who could not withdraw their payments.
The outage led to a storm of complaints from customers across social media platforms. Many expressed their frustration, with some saying the delay caused significant personal and financial hardship.
Bassey Offiong, one of Zenith’s customers, took to X (formerly known as Twitter) to express his anger. He called the situation a “height of insensitivity, recklessness, and negligence.”
“How many more Nigerians must be plunged into distress, trauma, heart attack, depression, suicidal thoughts, or sudden deaths?” he tweeted, highlighting the emotional toll the disruption had taken on customers.
Another customer, identified as Samuel, shared his distress on Nairaland, a popular Nigerian forum. He revealed that his family had gone without food for an extended period because he couldn’t access his funds.
“The experience is really hurtful. Till now, my children have not eaten because of one useless bank where I deposited my money,” he lamented.
Similarly, a business owner named Michael expressed his frustration over missed business opportunities. He explained that the outage had prevented him from closing a deal.
“I lost a good sales opportunity due to Zenith Bank’s network problem. It’s high time I delete my account,” he tweeted, echoing the sentiments of many who had experienced financial losses during the outage.
Zenith Bank first notified its customers about routine IT maintenance on October 1, 2024. The bank assured customers that services would be restored by 2:30 PM the same day. However, this did not happen, and the disruptions lasted for more than 48 hours.
For many customers, the period of the outage coincided with salary payments, leading to significant inconvenience as they were unable to withdraw money or pay bills.
Reports suggest that the bank’s IT maintenance was more than just routine. While Zenith Bank has not confirmed the specifics, it is believed that the institution was in the process of migrating its core banking platform from Phoenix, developed by London-based Finastra, to Oracle’s Flexcube. This new system is used by several other Nigerian banks and is known for its improved efficiency and scalability.
Switching core banking platforms is a significant process for any bank. It involves transferring large amounts of data and comes with considerable challenges. As seen in the case of Zenith Bank, such transitions can sometimes lead to prolonged service interruptions.
Despite the inconvenience, the bank reassured customers that the upgrade would ultimately enhance service delivery. However, the lack of clear communication during the outage added to customer frustration, with many criticizing the bank for not providing regular updates or an accurate timeline for the restoration of services.
On Thursday, Zenith Bank issued an apology via its X handle, stating that significant progress had been made in the upgrade, and customers could now perform transactions across multiple channels.
“We sincerely apologise for the service disruptions you experienced recently on our banking channels. This was due to an Information Technology upgrade aimed at improving the quality of service we provide you,” the statement read.
The bank assured customers that they could now access services through their debit cards, mobile app, internet banking, and through agents nationwide. It also encouraged customers to visit any of its branches for in-person transactions if they continued to experience issues.
Zenith Bank is known for its strong financial performance, particularly in the area of electronic banking. According to its half-year 2024 financial results, the bank generated N41.2 billion from electronic transactions, marking an impressive 85.6% increase from N22.2 billion in the same period in 2023.
This financial success has been partly attributed to the bank’s heavy investment in technology. Zenith Bank increased its IT spending from N8.6 billion in the first half of 2023 to N23 billion in the first half of 2024, representing a 167% increase.
