Delayed Transfers, Stuck Funds: GTBank’s Core Banking Application Upgrade Sparks Outrage

Guaranty Trust Bank (GTBank) informed its customers of a transition to a new and advanced Finacle Core Banking Application System on Friday, October 11, 2024.

The transition was scheduled to begin on Friday, October 11, 2024, and end on Monday, October 14.

Things didn’t go as planned though as customers faced many challenges throughout the week; they were unable to transfer funds to other banks or receive money from other banking institutions. Transfers to GTBank accounts from other banks were delayed for days, and many customers complained that their money was stuck.

The bank apologised and made an effort to reassure clients but the complaints kept coming in. Many customers were left dissatisfied and frustrated over the situation.

Disgruntled consumers shared their grievances on X (previously Twitter):

KingKay stated: “What @gtbank is doing can lead to loss of lives… People’s livelihoods are being withheld for weeks because they bank with GTB… Hospital bills, salaries, money for feeding… all these are being withheld for weeks because of one very stupid upgrade!!! @cenbank.”

Okoh Paul Okoh expressed frustration: “For your peace of mind and safety! Do boycott @gtbank and @cenbank keep ignoring walai you all will never end well! Now they have changed the name narrative.”

Another user, Mukhtharr, tweeted: “Something is wrong with GTBank. So I made a transfer to one Emmanuel, it failed but I was debited, I request a reversal and for 11 days no response. Yesterday, I got a reversal in the form of a transfer from a personal account. What’s happening? @gtbank_help.”

Joseph Akinsanya also voiced concerns: “@gtbank @cenbank I sent 10,000 on two occasions on Saturday, 19th of this month. The transaction was not successful, yet you debited me 20,000. Kindly help me out with this, I have DM’d you already.”

In another tweet, Mr. El-Bonga demanded accountability: “Dear @cenbank, what are you doing regarding the egregious incompetence demonstrated by GTBank and the likes of Zenith? Customers deserve to be treated with respect. They deserve to be compensated. There should be punishment for ineptitude.”

Another @lohiii_ wrote: it’s been FIVE entire days & GTBank still hasn’t addressed/resolved this issue or even bothered to communicate with their customers. This level of negligence is beyond frustrating & completely unacceptable.

Ezra Olubi: “funny how gtbank’s online victory laps about the “successful” core banking update is very much divorced from the reality of its customers.”

The Bank’s operations is gradually returning to normal, although some customers are still experiencing issues with the digital services of the bank (Mobile app, USSD).