A prominent Nigerian bank, known for its Tier-1 status and market capitalisation of ₦1.19 trillion, is in the final stages of migrating its core banking platform to Oracle’s Flexcube after facing challenges with its previous software, Phoenix. The migration process, initially disrupted due to technical glitches, is now set to conclude in October.
According to sources familiar with the situation, the decision to transition to Flexcube was driven by the bank’s need for a more advanced and customizable solution to support its evolving technological requirements.
Undertaking a core banking software migration is a complex endeavor for banks, involving the transfer of extensive data and meticulous validation processes to prevent errors and ensure seamless functionality. Any errors during this critical phase can lead to disruptions, as experienced by the bank during its migration.
While some Nigerian banks have successfully completed similar platform migrations, others have faced challenges, resulting in temporary service interruptions for customers.