FirstBank to shift procurement platform to cloud-based procurement and financial platform, warns of temporary disruptions. This will begin on Saturday, October 26, 2024.
The transition is part of the bank’s efforts to improve operational efficiency and service delivery of the system that it uses to manage and pay vendors, though it could cause temporary service disruptions during the cut-over period.
In a notice obtained by Nairametrics, FirstBank outlined that the migration would last until Sunday, November 3, 2024, with the new cloud-based system going live on Monday, November 4.
The bank informed vendors and suppliers to prepare for potential delays in submitting invoices and receiving payments during this period. To mitigate any disruptions, vendors are urged to submit all pending invoices by Friday, October 25.
The transition will affect the bank’s current Electronic Business Suite (EBS), which will no longer be operational as of November 4.
FirstBank’s suppliers were informed that further details, including instructions on using the new supplier portal and training guides, will be provided before the system goes live.
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The bank acknowledged that “certain activities and transactions will need to be suspended” to facilitate a smooth migration, but reassured stakeholders that measures are in place to ensure minimal disruptions. Payments will be processed for invoices submitted before the cut-off date, October 25, 2024.
FirstBank has notified their vendors and suppliers
The notice focused on vendors and suppliers, as the transition is not expected to affect its customer core banking platform, which it already upgraded.
Other tier-1 banks like Zenith Bank and GTBank also upgraded their core banking system, leading to widespread customer frustration, with some depositors experiencing difficulties accessing their funds and performing transactions days after the official completion of the upgrades.
This transition marks a significant step in FirstBank’s digital transformation journey, aiming to improve service efficiency and maintain its competitive edge in Nigeria’s banking industry.
By leveraging cloud-based technologies, the bank seeks to streamline its procurement and financial operations, ultimately enhancing the overall customer experience.
FirstBank’s new platform is part of a broader trend in the Nigerian banking sector toward cloud-based systems, with many banks adopting these technologies to enhance operational resilience and improve customer experience in an increasingly digital world.
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