In recent months, several major Nigerian banks—including Wema, Keystone, Union, and GTB—have suffered serious system glitches, leading to unauthorised withdrawals and mistaken deposits totaling over ₦19 billion. These incidents have sparked customer frustration, lawsuits between banks, and growing concerns over the integrity of interbank settlements, especially as digital transactions increase. Experts warn that such glitches could erode public trust and undermine Nigeria’s push for 80% financial inclusion by 2026, especially in underserved communities that rely heavily on digital banking.
The root causes of these failures often lie in rushed system upgrades, driven by cost-cutting pressures from top executives. Tight deadlines frequently lead banks to skip or shorten critical testing phases, leaving systems vulnerable to errors. As more Nigerian banks modernise their core infrastructure, experts like cybersecurity analyst Elijah Bello caution that without proper planning and thorough testing, glitches will remain a growing threat in the sector.
