First Bank, one of Nigeria’s leading tier-1 banks, has announced its plans to transition to a new cloud-based procurement and financial platform. The transition, which is scheduled to begin on Saturday, October 26, 2024, is part of the bank’s ongoing efforts to improve operational efficiency and enhance service delivery.
In a notice sent to vendors and suppliers, the bank highlighted that some services would experience disruptions during the transition period. The transition will take place from October 26 to November 3, 2024, with the new system going live on Monday, November 4, 2024. Vendors have been urged to take necessary precautions to avoid business interruptions during this time.
Vendor Services Affected
First Bank notified its vendors that they would be unable to submit invoices through its current Electronic Business Suite (EBS) during the cut-over period. Payments will only be processed if invoices are submitted by Friday, October 25, 2024, for received purchase orders (POs). The current supplier portal will cease operations on November 4, with further details about the new supplier portal to be communicated before the official launch date.
The bank assured vendors that comprehensive onboarding, training, and user guides will be provided ahead of the new system’s rollout.
Unclear Impact on Customers
While the notification to vendors outlined potential disruptions, no information has been provided regarding how the transition may affect First Bank’s depositor customers. Similar transitions by other tier-1 banks, including Zenith Bank and GTBank, have led to service issues, with customers experiencing delays in accessing their funds. As of Monday, some customers of these banks were still facing transaction difficulties weeks after their new systems were implemented.
Vendors and customers alike are advised to stay alert to any further communication from First Bank as the transition period approaches.
