In a major initiative to boost operational efficiency, First Bank is set to implement a new cloud-based procurement and financial platform.
The migration is scheduled to commence on Saturday, October 26, and the bank, which has over 42 million customers, has alerted users to expect temporary service disruptions during this period, as noted in a Wednesday announcement.
This transition comes at a time when several Nigerian banks are modernizing their core banking systems. Since September, at least four major institutions, including tier-1 lenders like Zenith Bank and Guaranty Trust Bank, have made similar upgrades.
The bank stated, “As part of our ongoing commitment to enhance operational efficiencies and improve service experience, we will be transitioning from our current procurement and financial platforms to a new cloud-based solution that offers additional capabilities and benefits.”
To facilitate this migration, certain activities and transactions will be temporarily suspended. The cut-over will take place from Saturday, October 26, 2024, to Sunday, November 3, 2024, with the new platform going live on Monday, November 4, 2024, at which point normal operations will resume.
Vendors will also be unable to submit invoices through the existing Electronic Business Suite during the transition. Payments will be processed only for invoices submitted for received purchase orders by Friday, October 25, 2024.
Additionally, First Bank announced that its current supplier portal will be discontinued effective November 4.
The bank intends to share more information about the new Supplier Portal and a job card prior to the system’s launch date.
“Please take proactive steps as outlined to avoid disruptions during this critical transition period. Further details on onboarding, training, and user guides will be communicated before the end of the week,” the bank emphasized.