EDITORIAL – Zenith Bank’s network collapse, a national disgrace

For nearly a week, Zenith Bank’s virtual platforms and ATM cards have been inexplicably inactive, inflicting untold hardship on millions of customers across Nigeria.

This catastrophic failure has paralyzed business transactions, put lives and businesses at risk, caused immeasurable distress, and shattered trust in the institution.

The bank’s glaring inability to resolve this issue reeks of  the bank’s callousness, incompetence and disrespect of customers.

A terse notice on the second day of the glitch had explained that the “bank’s virtual platforms were undergoing maintenance and normalcy would return within 24 hours.”

About a week later, the situation has remained unchanged and the bank remains unbothered about the plight of its customers.

In an era where digital banking is the norm, Zenith Bank’s IT infrastructure has proven woefully inadequate.

This debacle 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?

The Central Bank of Nigeria’s inaction is equally disturbing. Where is the regulatory oversight? Why haven’t swift penalties been imposed? The CBN’s silence emboldens Zenith Bank’s ineptitude, perpetuating a culture of complacency.

Nigerians deserve better. Zenith Bank‘s customers deserve better. The bank’s failure is a betrayal of trust, a reckless disregard for customers’ well-being.

Diaspora Digital Media insists that it is unacceptable that in 2024, a leading bank can’t provide basic digital services.

Zenith Bank’s collapse is symptomatic of a broader disease. The sector’s growth is stunted by inefficiency, corruption, and lack of innovation.

The consequences of Zenith Bank’s failure extend beyond customers. Nigeria’s economy suffers, as foreign investors take note of the country’s unreliable financial infrastructure.

To restore trust, Zenith Bank must take immediate action to resolve the outage, compensate affected customers, and overhaul its IT infrastructure and personnel.

The bank’s executives responsible for this debacle must be held accountable. The CBN must impose severe penalties, conduct a thorough investigation, and enforce stricter regulations.

Nigeria’s banking sector requires radical reform. Zenith Bank’s digital collapse is a wake-up call. The time for excuses is over. It’s time for accountability, decisive action, and transformation.

The nation and the world is watching, waiting for Zenith Bank and the CBN to act.

It’s time to rebuild trust, restore confidence, and ensure Nigeria’s banking sector enters the 21st century.

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