Zenith Bank Switches On Phoenix To Embrace Flexcube Over A Glitch

By
Brand Spur
-
0

October is when Zenith Bank, a Tier-1 Nigerian bank with a ₦1.19 trillion market capitalisation, will complete the migration of its core banking platform. The process was interrupted by an issue that prevented clients from accessing their accounts and affected online banking services.

Front row from right: Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Holdings; Professor Ayobami Atigbabu, Hon. Commissioner of Education, Science & Technology, Ogun State; and Mrs. Oluwatosin Oloko, Permanent Secretary, Ministry of Education, Science & Technology, at the commissioning of a newly built vocational center donated by Stanbic IBTC Holdings to Lisabi Grammar School, Abeokuta recently.

The bank is switching to Oracle’s Flexcube from Phoenix, a program created by London-based Finastra. Flexcube is used by at least eight Nigerian banks, BrandSpur banking, and finance news reports.

Standing: Dr. Demola Sogunle (middle), Chief Executive, Stanbic IBTC Holdings; flanked by Professor Ayobami Atigbabu (right), Hon. Commissioner of Education, Science & Technology, Ogun State; and Mrs. Titilope Odutayo (left), Principal, Lisabi Grammar School (Senior), Abeokuta; with special guests and students of Lisabi Grammar School, Abeokuta, at the commissioning of a newly built vocational center donated to the school by Stanbic IBTC Holdings recently.

According to two persons with knowledge of the situation, Zenith Bank is moving platforms because Phoenix is unable to satisfy its expanding needs for customization and technology. A request for comments from Zenith Bank was not answered.

A big transition involving the transmission of a lot of data is the switching of banks’ fundamental banking software. This step is very complex due to the volume of data and the distinctive characteristics of each system, which raises the possibility of disruptions. Additional procedures are also needed for data migration, such as functionality tests to guarantee accuracy and revalidation to guard against human mistakes.

Also read: https://brandspurng.com/2024/09/27/lagos-digital-public-relations-summit-unveils-its-rebranded-logo/

A person with experience migrating banking platforms told the local news brand that errors usually occur at this point and that Zenith may have had to pause its migration plans as a result.

Citing a banking software Engineer who spoke to TechCabal: “If you can solve data migration, then the rest [of the migration process] is straightforward.”

A rising number of Nigerian institutions, including Zenith Bank, are switching to new core banking platforms. While some migrations—like GTBank’s to Finacle—went without a hitch, others—like Sterling Bank’s to a specially designed platform—left clients unable to access financial services.