By Anu Oyeniran
The recent network glitch experienced by Guaranty Trust Bank (GT Bank), one of Nigeria’s leading financial institutions, has sparked widespread outrage among customers. The technical issue, which left many unable to access their accounts or conduct transactions, has raised questions about the reliability of Nigeria’s banking system and the need for individuals to maintain alternative bank accounts as backups.
The Incident
Since Monday, last week, GT Bank’s digital platforms, including its mobile app and online banking services, have been suffering a technical glitch, causing frustration among customers. The bank attributed the issue to a system failure, apologizing for the inconvenience and assuring customers that measures were being taken to resolve the problem.
Consequences and Concerns
The glitch had significant consequences for GT Bank customers, including an inability to access account balances or conduct transactions, disrupted business operations, particularly for entrepreneurs and small business owners, and increased risk of financial losses due to delayed or failed transactions. These consequences have led to concerns about the bank’s ability to manage its digital infrastructure and ensure seamless services.
The Case for Alternative Bank Accounts
The GT Bank glitch highlights the importance of maintaining alternative bank accounts as backups. This strategy can help mitigate the risks associated with technical issues, providing customers with uninterrupted access to financial services, reduced reliance on a single bank’s digital platforms and enhanced financial security and peace of mind.
The Rise of Multi-Banking and Multi-Phone Ownership
The increasing frequency of digital glitches in Nigeria’s banking sector may lead to a shift towards multi-banking, where individuals maintain accounts with multiple banks. This trend could also contribute to the growing phenomenon of multi-phone ownership, where individuals use two or three phones to access different banking apps and services.
Brain Drain and IT Expertise
GT Bank’s technical issues have sparked debates about the role of brain drain in Nigeria’s IT sector. The “japa” syndrome, referring to the exodus of skilled Nigerian professionals seeking better opportunities abroad, may have contributed to the bank’s lack of trained IT professionals.
The GT Bank digital glitch serves as a wake-up call for Nigerians to reassess their banking strategies and consider maintaining alternative accounts. As the banking sector continues to evolve, it is crucial for financial institutions to prioritize investment in IT infrastructure and talent development. The era of multi-banking and multi-phone ownership may become the new norm, driven by the need for uninterrupted access to financial services. By adopting these strategies, Nigerians can ensure greater financial security and resilience in the face of technical glitches.
