GTBank’s Finacle Core Banking Migration: 85% Complete, Targeting 2025 Finalization
Guaranty Trust Bank (GTBank), a prominent Tier-1 commercial bank in Nigeria serving a massive retail customer base of 33.4 million, is in the midst of a significant technological overhaul. The institution is currently undertaking a comprehensive migration to Finacle, the advanced core banking solution developed by Infosys. While this transition was initially announced last year, the process is proving to be a multi-year endeavour, with Group CEO Segun Agbaje confirming an 85% completion rate and a revised target for finalisation by the close of 2025.
Navigating the Complexities of Core Banking Transformation
The strategic move to Finacle, which commenced in 2024, sees GTBank transitioning from its legacy Basis system. The primary objective behind this ambitious undertaking is to consolidate its diverse banking and non-banking subsidiaries onto a unified, robust digital platform. Segun Agbaje, who heads Guaranty Trust Holding Company Plc (GTCO Plc), the parent entity, informed shareholders that the bank has reached “an advanced stage in transitioning our core banking operations to Finacle, with about 85% completion across our network and on track to complete by the end of fiscal 2025.” This statement clarifies the ongoing nature of the project. Notably, despite the bank’s announcement in October 2024 that the migration was complete, customers subsequently reported experiencing various service disruptions and glitches. This situation underscores the inherent complexities involved in shifting a core banking application, a process that typically requires extensive testing, integration, and user adoption, often taking considerable time to achieve full stability and seamless operation.
GTBank’s continued progress on its Finacle migration highlights its commitment to digital transformation and enhancing its operational backbone in the competitive African financial landscape. The completion by 2025 is expected to unlock greater efficiencies, improve service delivery, and facilitate better integration across its vast network and offerings for its millions of Nigerian retail customers. The coming months will be crucial as GTBank works towards achieving 100% completion, aiming for a fully stable and optimized core banking environment.
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