By DAYO ADESULU
Scheduled Migration Aimed at Enhancing Operational Efficiency
First Bank has announced its plans to migrate to a new cloud-based procurement and financial platform, a strategic move designed to improve operational efficiency and enhance service delivery for its over **42 million customers**. The transition is set to begin on **Saturday, October 26, 2024**, and is expected to cause temporary service disruptions.
Migration Timeline and Service Disruptions
The bank’s notice indicated that the migration process would result in a cut-over period from **October 26 to November 3, 2024**. During this time, certain banking activities and transactions will be suspended to facilitate a smooth and safe migration of transactions. The new platform is scheduled to go live on **Monday, November 4, 2024**, at which point normal banking activities will resume.
Recent Trends in the Banking Sector
This transition comes amid a broader trend in the Nigerian banking sector, where several financial institutions have been upgrading their core banking systems. Since September, at least four major banks, including tier-1 lenders like Zenith Bank and Guaranty Trust Bank, have switched their core banking applications as part of efforts to enhance operational capabilities.
Important Notices for Vendors
First Bank also communicated key information for its vendors during the transition:
– **Invoice Submission**: Vendors will not be able to submit invoices through the current Electronic Business Suite during the cut-over period. Payments will only be processed for invoices submitted for received purchase orders by **Friday, October 25, 2024**.
– **Supplier Portal Update**: The current supplier portal will no longer be operational after November 4. The bank will provide details about the new Supplier Portal and a job card prior to the system’s go-live date.
Proactive Steps and Communication
First Bank urged all stakeholders to take proactive steps to avoid business disruptions during this critical transition period. The bank plans to communicate further details regarding onboarding, training, and user guides ahead of the migration.
Conclusion
The transition to a cloud-based procurement and financial platform reflects First Bank’s commitment to leveraging technology to enhance service efficiency and customer experience. As the bank navigates this important upgrade, effective communication with customers and vendors will be essential to ensure a seamless transition.
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