First Bank has revealed plans to shift to a cloud-based procurement and financial platform as part of its efforts to boost operational efficiency and enhance service delivery. The migration is set to start on Saturday, October 26, 2024, and could lead to temporary disruptions, according to a notice issued by the bank on Wednesday. With over 42 million customers, the bank emphasized that this transition is part of its ongoing commitment to improve its technological infrastructure.
This development comes as several Nigerian banks have recently upgraded their core banking systems, following a series of system transitions that started in September 2024. Institutions such as Zenith Bank and Guaranty Trust Bank are among those that have adopted new systems. First Bank’s new platform is expected to offer enhanced features and better capabilities, although certain operations will be paused temporarily to facilitate the transition smoothly.
First Bank announced that the transition period would span from October 26 to November 3, 2024, with the new cloud-based platform going live on November 4. During this time, vendors will not be able to submit invoices through the current Electronic Business Suite, and payments will only be processed for invoices submitted by October 25, 2024, for previously received purchase orders.
Additionally, the current supplier portal will no longer be operational from November 4, 2024. First Bank assured its vendors and customers that more details, including instructions on how to use the new platform and necessary training materials, will be provided ahead of the official launch to ensure a smooth and efficient transition process.
