Zenith Bank on Thursday said it has made progress in its IT upgrade which disrupted its banking services for over 48 hours, adding that its customers can now transact across its various channels.

The bank announced this via a statement posted on its X handle.

Zenith also apologized to its customers over the disruption saying it was in a bid to serve them better.

According to the bank, its customers can now perform transactions through their debit cards, mobile app, internet banking, and through its agents nationwide.

The Zenith Bank’s statement suggests that the IT upgrade has yet to be completed as the bank only said it has made ‘significant progress’. The statement read in part:

“We sincerely apologize for the service disruptions you experienced recently on our banking channels. This was due to an Information Technology upgrade aimed at improving the quality of service we provide you. 

“We have made significant progress with the upgrade and you can now perform transactions conveniently. You can also visit any of our branches nationwide to perform your transactions.” 

Recall that Zenith Bank had on Tuesday, October 1, notified its customers of a routine maintenance that would cause service disruptions for a few hours.

However, contrary to the promise by the bank that transactions would resume after 2.30 pm on the same day, the customers could not have access to their funds for over 48 hours after.

The period, which also coincided with salary payments left many salary-earning customers of the bank stranded as they could not withdraw.

Meanwhile, earlier reports suggested that Zenith Bank was doing more than IT maintenance but migrating its core banking platform to a new one. The bank did not confirm nor deny the report.

Zenith Bank, which previously used Phoenix, a software developed by London-based Finastra, is reportedly migrating to Oracle’s Flexcube, a platform used by many other Nigerian banks.

For banks, switching their core banking software is a significant change that requires transferring large amounts of data and more rigorous action than regular IT maintenance.

Tier-1 Zenith Bank was one of the biggest earners from electronic transactions in half-year 2024, according to its financial results.

The bank generated N41.2 billion in half-year 2024, a remarkable 85.6% increase from the N22.2 billion it earned in H1 2023.

• For the period, the bank also upped its IT spending from N8.6 billion in the first half of 2023 to N23 billion in half-year 2024, representing a 167% increase.
• However, the recent disruption in services for days may see its electronic transactions revenue decline in Q4 2024.

The Central Bank of Nigeria (CBN) has announced the introduction of an electronic foreign exchange matching system (EFEMS).

In a circular on Thursday, Omolara Duke, CBN director, financial markets department, said the system, which is for FX transactions, would be implemented no later than December 1.

CBN said there would be a 2-week test run in November.

“Authorised Dealers would subsequently conduct all foreign exchange transactions in the interbank Fx market on the Electronic Foreign Exchange Matching System approved by the CBN where transactions will be reflected immediately,” CBN said.

“The new system is expected to enhance governance, transparency and facilitate a market-driven exchange rate that will be accessible to the public.

“This development is expected to reduce speculative activities, eliminate market distortions and give the CBN improved oversight capabilities to effectively regulate the market.”

The CBN said it would publish real-time prices and buy/sell order data from the system.

In partnership with the Financial Markets Dealers Association (FMDA), the bank said it would publish the rules for the EFEMS.

“The Nigerian FX Code and revised Market Operating Guidelines for the Nigeria Foreign Exchange Market will also provide guidance to market participants,” CBN said.

Therefore, the apex bank said authorised dealers are required to abide by extant guidelines and regulations governing the FX market.

CBN also asked authorised dealers to ensure that all necessary documentation, training, and systems integrations are concluded before the go-live date.

The Nigerian Ports Authority (NPA) says it has commenced implementation of the federal government directive to coordinate service provision from all stakeholders for the smooth sale of crude oil in naira to the Dangote refinery.

Abubakar Dantsoho, managing director of the authority, announced the development when he chaired the inter-agency stakeholders meeting on the one-stop-shop (OSS) at the NPA headquarters in Lagos.

According to a statement on Thursday by the NPA, this is in line with the directive of the federal government for the OSS to be located in the NPA.

“We are poised to collaborate and provide the efficiencies necessary to deliver on this national imperative of ensuring the availability of premium motor spirit (PMS) and other petroleum products,” he said.

“We are also setting up a one-stop-shop that will coordinate service provision from all regulatory, and security agencies, and other stakeholders to ensure a smooth implementation of this initiative.”

The OSS team is comprised of representatives from NPA, Nigerian Navy, Nigerian National Petroleum Company (NNPC) Limited, Dangote Group, Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS), Nigerian Maritime Administration and Safety Agency (NIMASA), and Nigeria Drug Law Enforcement Agency (NDLEA).

Maureen Ogbonna, an official at the NPA marine and operations directorate, serves as the committee’s focal person.

On July 29, the federal executive council (FEC) approved a proposal by President Bola Tinubu directing the NNPC to sell crude oil to Dangote Petroleum Refinery and other refineries in naira.

The federal government said the sale of crude oil to the Dangote refinery and other refineries in naira would commence on October 1.

On September 30, Eche Idoko, publicity secretary of Crude Oil Refinery-owners Association of Nigeria (CORAN), said the sale will start with refineries producing petrol.