Guaranty Trust Bank (GTBank), a Nigerian tier-1 commercial bank with 33.4 million retail customers, has yet to fully complete its migration to Finacle, the core banking platform developed by Infosys, which it announced last year.
Segun Agbaje, group CEO of Guaranty Trust Holding Company Plc (GTCO Plc), the bank’s parent company, disclosed this in a letter to shareholders, noting that the transition is 85% complete and will be finalised by the end of 2025.
“We are currently at an advanced stage in transitioning our core banking operations to Finacle, with about 85% completion across our network and on track to complete by the end of fiscal 2025,” he said.
GTBank began migrating from its previous core banking system, Basis, to Finacle in 2024, aiming to integrate its banking and non-banking subsidiaries on a single platform. In October 2024, the bank said the migration was completed. However, customers continued to experience glitches, as switching a core banking application takes several steps and time.
In his letter to shareholders, Agbaje noted that the bank has made progress in strengthening its technology and operational backbone over the past half-year, adding that the transition forms part of GTBank’s wider digital transformation efforts.
“Our ongoing investments in digitalisation and data analytics are enabling faster decision-making, more tailored product offerings, and greater efficiency across our service touchpoints,” he said.
GTBank is among six major Nigerian banks that spent ₦268.7 billion ($185.54 million) on IT infrastructure and tech-related services in 2024, driven largely by core banking system upgrades. The lender accounted for the highest IT spend at ₦88 billion ($60.77 million).
As of Q3 2025, GTCO had spent ₦37.93 billion ($26.19 million) on technology expenses, while its profit fell 35.52% to ₦699.64 billion ($483.11 million).
Note: exchange rate used: ₦1,448.21 /$
