A devastating outage has crippled Zenith Bank’s virtual platforms and ATM cards for nearly a week, causing untold hardship for millions of customers across Nigeria. This catastrophic failure has paralyzed business transactions, put lives and businesses at risk, and shattered trust in the institution.
The bank’s initial notice attributed the issue to maintenance, promising resolution within 24 hours. However, a week later, the situation remains unchanged, and the bank’s silence is deafening. This raises fundamental questions about Zenith Bank’s management and regulatory oversight. How could a bank of its stature fail so spectacularly? Why the inexcusable silence from its leadership?
Critics argue that Zenith Bank’s IT infrastructure is woefully inadequate, and the Central Bank of Nigeria’s inaction is equally disturbing. The CBN’s silence emboldens Zenith Bank’s ineptitude, perpetuating a culture of complacency. Diaspora Digital Media insists that it is unacceptable that in 2024, a leading bank can’t provide basic digital services.
The fallout extends beyond customers, affecting Nigeria’s economy. Foreign investors are taking note of the country’s unreliable financial infrastructure. This debacle highlights the broader disease stunting the sector’s growth: inefficiency, corruption, and lack of innovation.
