The management of new technology has been the key to the successful integration of Nigerian banks brought together in the consolidation process. For some banks, new suppliers were brought in to provide completely new platforms, so that all banks started from the same base. For others, one bank’s platform was adopted and other banks’ systems were migrated to the established platform. In either case, staff training was required and heavy costs incurred to bring technology up to speed quickly and efficiently.
The predominant system to be adopted by the local banks is Finacle, whose provider Infosys has a significant presence in Nigeria. Nigerian bankers see comparisons between the changes happening in Nigeria and those that have occurred in India, where Infosys is based, and where many of its systems have been installed.
