Zenith Bank Restores Services After Over 48-Hour IT Outage

Zenith Bank Restores Services After Over 48-Hour IT Outage

Zenith Bank announced on Thursday that its banking services, which were disrupted for more than 48 hours due to an IT upgrade, have been restored. Customers can now resume transactions across various channels, including debit cards, the mobile app, and internet banking.

In a statement shared on their X handle, Zenith Bank expressed regret for the inconvenience caused and emphasized that the upgrade was undertaken to enhance service quality. The bank noted, “We have made significant progress with the upgrade and you can now perform transactions conveniently. You can also visit any of our branches nationwide to perform your transactions.”

Originally, on October 1, the bank had communicated to its customers that routine maintenance would result in brief disruptions, promising that services would resume by 2:30 PM the same day. However, customers experienced extended access issues, coinciding with the salary payment period, leaving many unable to withdraw their funds.

There are suggestions that the bank’s recent troubles extend beyond routine maintenance to a significant migration of its core banking platform. The bank has not confirmed these details, but reports suggest that Oracle’s Flexcube, a system that is widely used by other banks in Nigeria, has replaced the Phoenix software, which was created by London-based Finastra. An undertaking this kind is usually more complicated than routine maintenance because it necessitates large data transfers and strict protocols.

Zenith Bank, a tier-1 institution and a notable player in electronic transactions, reported remarkable financial performance earlier this year, generating N41.2 billion, an 85.6% increase from the previous year. The bank also significantly boosted its IT budget from N8.6 billion to N23 billion in the first half of 2024. However, the recent service disruptions may have repercussions for its electronic transaction revenue in the upcoming fourth quarter.

As Zenith Bank continues its upgrade efforts, it reassures customers that improvements are underway, aiming to minimize future disruptions and enhance overall banking experience.