First Bank Clarifies System Upgrade: Targets Vendors, Not Customers

System Upgrade Exclusive to Vendors, First Bank Assures Customers

“Please be informed that no system upgrade is currently underway, and...”

First Bank announces system upgrade, but it's not for customers. Learn who's affected and what changes are coming.

First Bank of Nigeria has set the record straight - they're not undergoing a system upgrade, despite recent reports. In a statement released today, October 25, the bank clarified that the notice about shifting to a new cloud-based platform was meant for vendors only, not customers. Apparently, a message sent to vendors was misinterpreted and incorrectly reported, causing the confusion.

The bank explained that the upgrade is actually about moving from their existing I-Supplier Platform to a new Cloud-based Supplier Platform. This change aims to enhance vendor capabilities and benefits. No changes are being made to the customer-facing systems, so customers can breathe a sigh of relief.

It's not uncommon for banks to upgrade their systems, especially with the increasing demand for digital services. In fact, many banks are adopting cloud-based core banking systems to improve efficiency and scalability. However, in this case, First Bank's upgrade is focused solely on improving its vendor relationships.

“The message which was incorrectly interpreted and reported was sent to, and intended for our vendors only and focused on transitioning from our current I-Supplier Platform (our automated platform that connects us to suppliers) to a new Cloud-based Supplier Platform (world-class platform for managing suppliers), to enable additional capabilities and benefits for our vendors.

“Please be informed that no system upgrade is currently underway, and all our customer applications are fully operational.

“We are not experiencing disruption to our services, and our banking systems, customer transactions, channels, etc, will not be affected by the enhanced supplier platform,‡ the statement read.

The bank guarantees uninterrupted services, ensuring customer convenience.