By Abdulrasaq Kamaldeen
It was a typical Friday afternoon in October. The streets bustled with activity after the Jumu’ah prayers, and amidst the chaos, Muheeb Mashood, a student at Usmanu Danfodiyo University Sokoto (UDUS), prepared to return home to Ilorin after completing his semester.
However, his plans took a dramatic turn when network issues with Guaranty Trust Bank (GTB) disrupted his ability to pay for transportation, plunging him into unexpected frustration.
A Journey Disrupted
Muheeb’s ordeal began when he tried to withdraw cash from an Automated Teller Machine (ATM) to pay for his bus fare. Despite multiple attempts, the transaction failed. Switching to a cardless transaction using his fingerprint also proved futile. Frustrated but determined, he returned to his hostel to retrieve his ATM card.
“When I got to the ATM and tried using my fingerprint, it didn’t work. I went back to get my card, but the machine rejected it at first. When I reinserted it, the ATM swallowed my card,” Muheeb recounted.
His pleas to the bank staff for assistance were initially met with resistance as they claimed they had closed for the day. However, after explaining his urgent need to travel, the staff agreed to help. Yet, what was promised to be a few minutes turned into hours.
“I waited from 3 p.m. until 7:30 p.m. before they finally returned my card,” he said, describing the experience as “agonizing.”
Compounded Challenges
Muheeb’s troubles did not end there. Unable to withdraw cash, he attempted to transfer money using GTB’s USSD code, only to face another setback. Despite entering the correct PIN and other details, the system repeatedly displayed an error message.
“This wasn’t my first time using the USSD code, but it kept saying my PIN was incorrect. Even when I tried using my date of birth as an alternative, it still didn’t work,” he said.
This persistent issue has lingered for weeks, leaving Muheeb unable to access his account and fulfill financial obligations.
Shared Frustrations
Muheeb is not alone in his plight. Taofeeq Imam, a resident of Kwara State, has faced similar challenges with GTB. For months, he has been unable to transfer funds from his account.
“Since October last year, whenever I try to make a transfer, I get a message to contact customer care. I went to the bank, and they said it was a network issue due to their ongoing upgrade. They asked me to be patient, but the problem persists,” Taofeeq explained.
For Muhammad Ridwan Uthman from Kogi State, the situation has been equally distressing. He recounted how a family member sent him money for a course registration, but the transaction failed, leaving the funds “hanging” in the system.
“When I complained to the bank, they showed me my transaction history, but the money never reflected in my account. It’s been frustrating,” he said.
The Broader Issue
Since October 2024, GTB customers have reported widespread issues, including failed transactions and inaccessible accounts. These challenges are linked to ongoing system upgrades by the Nigeria Inter-Bank Settlement System (NIBSS) and several banks, including GTCO, Zenith, Sterling, Stanbic, and Standard Chartered.
The upgrades involve migrating core banking systems to newer platforms designed to improve efficiency and scalability. However, the transition has been fraught with technical glitches, causing significant inconvenience for customers.
Financial Strain
For many, the network issues have had a financial impact. Taofeeq shared how he has resorted to using Point of Sale (POS) agents for transactions, incurring additional fees.
“I have to pay POS merchants to access my money. It’s not just inconvenient; it’s also costly,” he lamented.
POS operators have also felt the effects. Abdulhakeem Abubakar, a POS attendant, described the challenges his business faces due to GTB’s network problems.
“Transactions are often delayed or fail entirely. It’s frustrating for both us and our customers,” he said.
Rising IT Costs
Despite these challenges, GTB reported a 115.12% increase in IT-related expenses in the first half of 2024, amounting to ₦36.60 billion, up from ₦17.02 billion in 2023. While the upgrades aim to enhance service delivery, the immediate impact has left many customers dissatisfied.
