Transforming for tomorrow’s corporate banking
Eshiovaze Momoh, CTO Coronation Merchant Bank

Transforming for tomorrow’s corporate banking

Operating from a single office in Lagos, the bank sought to extend its reach and services to high net-worth individuals and large corporates by integrating Nutanix into its IT framework, helping it redefine its operational efficiency, scalability, and service offerings.

In the dynamic world of financial services, Coronation Merchant Bank, a player in the Nigerian merchant banking sector, faced unique challenges. Operating from a single head office in Lagos, Nigeria, the bank sought to extend its reach and services to high net-worth individuals and large corporates scattered across various locations.

This journey towards expansion and excellence in service delivery required an innovative digital approach, allowing it to touch its clients without needing brick-and-mortar branches.

The bank’s journey towards a transformative digital infrastructure began with a crucial decision: integrating Nutanix solutions into its IT framework, helping it redefine its operational efficiency, scalability, and service offerings.

“Coronation Merchant Bank has always been at the forefront of providing exceptional service to our clients. Our commitment to innovation and excellence led us to recognise the need for a robust, agile, and scalable IT infrastructure that not only meets our current demands but also paves the way for future growth and innovation,” says Eshiovaze Momoh, CTO at Coronation Merchant Bank.

Legacy challenges

In 2019, Coronation Merchant Bank looked at its IT systems and called for an immediate and strategic response as geographical challenges were compounded by an existing IT infrastructure that lacked the agility and scalability necessary for rapid digital expansion and efficient service delivery.

“Our existing IT infrastructure, while functional, was not equipped to handle the dynamic demands of our growing customer base and the evolving financial market,” says Momoh.

The existing infrastructure was rigid, making it difficult to scale up in response to increasing transaction volumes and the integration of new services. This rigidity hindered the bank’s agility.

“Our previous setup was akin to navigating a rapidly flowing river in an oil tanker. It lacked the nimbleness required to adapt quickly to market changes or scale up as per our growing needs,” adds Momoh.

Another significant challenge was the ineffectiveness of disaster recovery and business continuity. The bank’s disaster recovery exercises revealed a stark disparity in recovery times between applications on different infrastructures. This discrepancy highlighted a critical vulnerability in its ability to maintain continuous operations during unforeseen disruptions.

Moreover, the existing IT setup impeded the bank’s strategy to introduce new services and enhance customer experience. The time and resources required to brainstorm, set up, and deploy new services were significant, limiting the bank’s ability to innovate and respond swiftly to market opportunities.

Technology improvements

To address these challenges, Coronation Merchant Bank embarked on a transformative journey with Nutanix, establishing a solution that was as innovative as it was robust. The solution architecture was meticulously planned and executed in three phases, aligning with the bank’s strategic objectives and operational requirements.

The initial phase kicked off in 2019 and centred on moving non-core production systems to Nutanix, laying the groundwork for a more expansive implementation.

In 2021, the bank initiated the second phase of its Nutanix integration, which involved scaling up and incorporating their core banking databases into the Nutanix infrastructure. This phase was critical, addressing the bank’s need for enhanced scalability and agility.

The final phase, set for completion in 2024, involves significantly scaling up the bank’s core banking infrastructure on Nutanix, enhancing production and disaster recovery capabilities.

A pivotal moment in its migration was successfully implementing a disaster recovery strategy. The bank’s ability to failover non-core applications within Nutanix in less than 30 minutes during testing was a testament to the robustness of the solution.

“This rapid failover capability underscored the resilience and reliability of our new infrastructure, a crucial factor in maintaining uninterrupted services to our clients,” notes Momoh.

As part of the solution, the bank also used Nutanix’s Inside Technical Account Management Service, which provided enhanced support capabilities and streamlined resource management.

The implementation included Nutanix Cloud Infrastructure, AHV Virtualization, Prism Management, Nutanix Unified Storage and cloud applications for Infrastructure-as-a-service and Disaster Recovery.

Tunde Abagun, Sales Lead, Nutanix West, East, and Central Africa
Tunde Abagun, Sales Lead, Nutanix West, East, and Central Africa

Cost reductions and benefits

Coronation Merchant Bank is exploring additional Nutanix services to further optimise its operations and service offerings. The strategic partnership with Nutanix has brought benefits to Coronation Merchant Bank. One of the most tangible outcomes has been a significant reduction in costs.

“I have directly seen that we have achieved an impressive reduction of over 40% in IT-related expenses. Adopting Nutanix has been a financially prudent decision, enabling us to channel resources effectively while enhancing service delivery,” adds Momoh.

The transition to Nutanix has improved the scalability of the bank’s infrastructure, a stark contrast to the rigidity of its previous setup, allowing it to adapt quickly to changing market conditions and customer needs.

The bank’s improved disaster recovery capability is another key benefit, as the ability to failover applications within 30 minutes significantly enhances the bank’s resilience and business continuity.

Nutanix has also optimised the bank’s physical infrastructure, reducing the need for multiple boxes and racks in the data centre. “The consolidation and optimisation of our physical infrastructure has not only reduced our data centre footprint but has also prepared us for future expansions and relocations with ease,” explains Momoh.

The IT team has received a boost and is now empowered in its decision-making and strategic planning capabilities. An integrated management console allows for efficient monitoring and management of resources, enabling proactive and informed decisions. According to Momoh, the team is now strategically oriented, thanks to the insights and control afforded by Nutanix’s comprehensive management tools.

These benefits collectively represent a transformation in the bank’s operations, significantly enhancing its ability to serve its clients efficiently and effectively.

Future moves

As Coronation Merchant Bank looks to the future, Nutanix is integral to its strategic vision. The path forward is clear: further integration and scaling of Nutanix within the bank’s core operations.

The immediate focus is on enhancing the core banking system, integrating it seamlessly into the Nutanix infrastructure. This integration is crucial for maintaining the agility and efficiency that Nutanix has brought to the bank. Alongside this, plans are underway to upgrade the bank’s production environment, ensuring the infrastructure can meet evolving market demands.

A significant milestone on the horizon is the upgrade of the bank’s core banking application. This upgrade is expected to deepen the bank’s engagement with Nutanix, leveraging its expertise to augment its capabilities.

“Nutanix is not just a part of our IT discussions. It is a part of our growth story. We are on the cusp of greater achievements with Nutanix as a vital part of our technological landscape, The journey ahead is filled with potential and promise,” says Momoh.

“At Nutanix, we are continually inspired by the forward-thinking approaches of our customers, and Coronation Merchant Bank stands out as an example. Coronation Merchant Bank’s dedication to leveraging cutting-edge technology for operational efficiency and improved customer service resonates with our mission at Nutanix. It is clients like them who drive the industry forward, and we are excited to see how this partnership continues to unfold,” says Tunde Abagun, Sales Lead at Nutanix West, East, and Central Africa at Nutanix.

In summary, the next steps for Coronation Merchant Bank are marked by further integration, upgrades, and an unwavering commitment to leveraging Nutanix for strategic growth and innovation.

Coronation Merchant Bank’s three phase transformation

Upgrade of the technology infrastructure and architecture, leveraging Nutanix solutions, has been planned in three phases, aligning with the bank’s strategic objectives and operational requirements.


Move non-core production systems to Nutanix, laying the groundwork for a more expansive implementation.


Scaling up and incorporating core banking databases into Nutanix infrastructure, addressing the need for enhanced scalability and agility.


Completion of scaling core banking infrastructure, enhancing production and disaster recovery capabilities.

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