By Ayomide Otitoju
First Bank of Nigeria has revealed plans to transition to a new cloud-based procurement and financial platform, as part of its efforts to enhance operational efficiency and improve service delivery. The migration, set to begin on Saturday, October 26, is expected to cause temporary disruptions to some services, the tier-one lender announced in a statement on Wednesday.
The move follows a trend of recent technological upgrades across Nigeria’s banking sector, with several institutions modernizing their core systems. Since September, at least four major banks, including Zenith Bank and Guaranty Trust Bank, have switched to new core banking applications.
In its notice, FirstBank highlighted the significance of the upgrade, stating, “As part of the bank’s continuous investments to improve operational efficiencies and service experience, we will be transitioning from our current procurement and financial platforms to a new cloud-based platform that provides additional capabilities and benefits.”
The bank clarified that during the migration, some transactions and activities would be temporarily suspended to ensure a smooth and secure transition. The cut-over period will run from Saturday, October 26, 2024, to Sunday, November 3, 2024, with normal operations resuming on Monday, November 4, when the new platform goes live.
During this period, vendors will be unable to submit invoices via the current Electronic Business Suite. The bank urged vendors to submit invoices for received purchase orders by Friday, October 25, to ensure payment processing before the transition.
Additionally, the bank’s existing supplier portal will be decommissioned from November 4. FirstBank assured vendors that further communication, including details on the new Supplier Portal and job card, would be provided before the system’s launch.
The bank emphasized the importance of proactive planning to minimize business disruption, noting that information regarding onboarding, training, and user guides would be shared by the end of the week.
The shift to a cloud-based platform is part of FirstBank’s broader strategy to streamline operations and offer improved services to its 42 million customers, amid the growing digital transformation in Nigeria’s banking sector.
