In a strategic move to bolster its operational efficiency and service delivery, FirstBank, one of Nigeria’s leading financial institutions, has announced plans to migrate to a new cloud-based procurement and financial platform.
As part of this digital transformation, the bank has informed its vendors and suppliers of potential temporary service disruptions during the transition period, which is scheduled to commence on Saturday, October 26, 2024, and conclude on Sunday, November 3, 2024.
Impact on Vendors and Suppliers
The transition will temporarily halt certain activities and transactions, including invoice submission on the bank’s current Electronic Business Suite (EBS). Consequently, vendors are advised to submit invoices for received Purchase Orders (POs) by Friday, October 25, 2024, to ensure timely payment processing.
Customer Impact
FirstBank has assured its customers that the transition will not impact their deposits or transactions. The bank’s core banking systems and customer-facing services are expected to remain operational throughout the transition period.
Post-Transition Operations
Following the transition, the bank’s current supplier portal will be decommissioned. A new Supplier Portal will be introduced on Monday, November 4, 2024, and detailed information, including onboarding procedures, training materials, and user guides, will be communicated to vendors prior to the go-live date.
Bank’s Commitment to Enhanced Service Delivery
In a statement, FirstBank emphasized its commitment to leveraging technology to improve customer experience and operational efficiency. The bank believes that the new cloud-based platform will provide additional capabilities and benefits, ultimately enhancing its service offerings.
Industry Implications
FirstBank’s decision to migrate to a cloud-based platform aligns with the broader trend of digital transformation in the Nigerian banking sector. As financial institutions increasingly adopt cloud technologies, it is expected to lead to improved service delivery, enhanced security, and cost reduction.
However, such transitions can also pose challenges, including potential disruptions to services and the need for robust cybersecurity measures.
If You Ask Me
FirstBank’s platform transition is a significant step towards modernizing its operations and improving customer experience. While temporary service disruptions may occur, the long-term benefits are expected to outweigh the short-term inconvenience. As the bank prepares for the future, it is crucial to ensure a smooth transition and effective communication with vendors and suppliers.
