Zenith Bank, one of Nigeria’s largest banks with a market capitalisation of ₦1.19 trillion, is set to finalise the migration of its core banking platform in October. This comes after a glitch during the migration process recently left customers unable to access their accounts, disrupting online banking services.
The bank, which previously relied on Phoenix, a banking software developed by London-based Finastra, is migrating to Oracle’s Flexcube. Flexcube is widely used in Nigeria, with at least eight other banks currently using the platform.
According to sources familiar with the matter, the switch was necessary because Phoenix no longer met Zenith Bank’s growing technological and customisation needs.
“If you can solve data migration, then the rest [of the migration process] is straightforward,” said one banking software engineer to TechCabal.
Switching core banking platforms involves moving vast amounts of data, which increases the chances of disruptions. Each system has unique features, and transferring data requires extra steps like revalidation and functionality checks to ensure accuracy and prevent errors.
While Zenith Bank has not commented publicly on the situation, some insiders suggest that the recent glitch may have resulted from an error during the data migration phase. Despite the temporary pause, the bank is expected to complete the migration in the coming weeks.
Zenith Bank joins a growing list of Nigerian banks transitioning to new core banking platforms. GTBank’s recent switch to Finacle went smoothly, while Sterling Bank’s migration to a custom-built platform caused similar disruptions for its customers.
