Guaranty Trust Bank (GTBank) has been authorized by a Federal High Court in Lagos to recoup ₦1.9 billion that was inadvertently credited to multiple client accounts between October 28th and 29th, 2024, pegged to a technical issue.
GTBank can recover the money and restore its financial records thanks to the court’s judgment. Although some of the money had been moved to other banks, the court’s order was delivered to the receiving institutions, which made it possible for the money to be returned.
Service interruptions resulted from the issue, which occurred during the bank’s switch to a new core banking application.
Following its September 2024 decision to move its major banking application from Basis to Finacle, GTBank had a period of severe service disruptions that corresponded with the incident. The most widely used banking app in Nigeria’s banking sector is Finacle, which was created by Infosys.
Continuing, as part of the decision-making process, GTBank’s leadership traveled to India. The move to Finacle was challenging even though it was anticipated to improve customer satisfaction and streamline processes. Customers started complaining of false transaction notifications after the bank declared the migration was complete in October 2024, and the bank’s banking channels were either unstable or unusable for weeks.
Between September and November, GTBank customers vented on social media sites like X about the interruptions and the bank’s lack of response. In November 2024, the bank apologized publicly, BrandSpur banking and finance news reports.
Also read: https://brandspurng.com/2025/01/04/1000-employees-willingly-left-apex-bank-cbn-governor-reveals/
At least four commercial banks switched or upgraded their software in 2024, highlighting technology issues related to core banking changes, even if the court filings do not specifically link identical transactions to the migration. A central bank rule stating that banks must first obtain regulatory approval before beginning such improvements in the future resulted from weeks of customer disturbance.
