Business
First Bank Launches Cloud Platform From October 26 With Service Disruptions
First Bank has revealed its plans to adopt a new cloud-based system and financial platform.
This initiative is part of the bank’s commitment to enhance operational efficiency and improve service delivery to its customers.
The transition is set to commence on Saturday, October 26, and will lead to some temporary service disruptions.
First Bank, which serves over 42 million customers, communicated this change in a notice issued on Wednesday.
In the notice, the bank emphasized its continuous investment in improving operational efficiency and customer experience.
The shift from the current financial systems to a more advanced cloud-based platform aims to offer greater capabilities and benefits.
The bank has outlined the timeline for this transition.
The cut-over period will run from October 26 to November 3, during this period, specific activities and transactions will be temporarily halted.
This pause is necessary to facilitate a smooth and safe migration of transactions while minimizing disruption for customers and stakeholders.
On November 4, 2024, the new cloud-based solution is expected to go live, at which normal banking activities will resume.
During this transition, vendors will not be able to submit invoices through the existing Electronic Business Suite.
Also, First Bank has specified that payments will only be processed for invoices related to received purchase orders submitted by Friday, October 25, 2024.
Additionally, First Bank has indicated that its current supplier portal will cease operations starting November 4.
In certainty, the bank plans to offer further details about the new Supplier Portal and the associated job card before the system’s live date.
First Bank urges all vendors and partners to take proactive measures as outlined in their communication to prevent any potential business disruptions during this significant transition period.
They will also provide more information on onboarding, training sessions, and user guides before the week concludes.
Ecobank Group is reportedly set to raise up to $250 million through an Additional Tier 1 (AT1) capital offering in order to strengthen the bank’s capital base.
This was revealed during the company’s annual general meeting held in Togo on the 29th of May, 2025. According to the meeting, the bank stated that the conversion price for the shares will be based on the higher of the prevailing exchange rate and the floor price of $0.02 per ordinary share.
The speaker stated “As we cast our eyes into the future and reimagine all possibilities—rising competition from banks, fintechs, and non-bank financial institutions, as well as factors such as geopolitics, regulations, and capital markets—we cannot afford complacency.”
The Central Bank of Nigeria (CBN) recently assured stakeholders about the state of the banking sector in Nigeria, stating that the banking sector can still be trusted and is secure.
The assurance was shared in a statement signed by Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN. In the statement, it was emphasized that stakeholders should disregard any negative news concerning the banking sector, as such reports are misleading.
The CBN also highlighted the security of the deposits entrusted to it, stating, “There is no reason for the public to worry about the security of their deposits.” The extent of the measures and security in place was also emphasized by the director in the statement.
Nigerian Businessman Dr. Cosmos Maduka analyzes popular Billionaire, Aliko Dangote and describes him as the biggest debtor in Nigeria.
The businessman highlighted the fact that people who seem to have the most money are often the largest debtors.
“The number one debtor in Nigeria is Aliko Dangote. He’s the wealthiest man in Africa. The number one debtor in the world is the United States of America and you call them the richest in the world.”
“As you admire all of those things, it’s all credit. It’s all about credit. So you should leverage on loan, but you have to have a good structure that will support that loan.”
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