Guaranty Trust Bank (GTBank), the first Nigerian bank to post ?905.57 billion in half-year profits, is finalising its core banking platform change to Finacle, a software built by Infosys. The bank previously used Basis, a banking software also used by Providus and SunTrust.
The decision to change to Finacle was finalised in September 2023 after some of the banks top management and tech team visited India to broker a direct partnership, side-stepping third-party vendors.
One person familiar with the matter said that change was necessary because GTBanks previous banking software had problems, which led to occasional service disruptions.
GTBank picked Finacle because it plans to integrate its banking and non-banking subsidiaries on a unified platform, said one person with direct knowledge of the matter.
Rather than having different solutions that cater to different subsidiaries, the bank chose Finacle because it has modules for GT subsidiaries like wealth management and pensions. It was a good deal, the same person said.
