Sterling Bank Limited, Nigeria’s leading commercial bank and Africa’s most agile company, has made a groundbreaking move by migrating to SeaBaaS, believed to be the continent’s first indigenous core banking solution.
The migration marks the completion of a new banking system that the bank announced to its customers in August 2024. Developed by the Nigerian technology company Peerless, SeaBaaS represents a significant milestone in the African banking sector.
The adoption of SeaBaaS is not just a technological upgrade; it positions Nigeria as a leader in digital banking, leveraging local talent and cutting-edge innovation. The new system integrates advanced data analytics and artificial intelligence to deliver enhanced customer experiences and operational efficiency. This development promises smarter and faster financial services that can cater to the evolving needs of the bank’s diverse clientele.
Speaking about the achievement, Abubakar Suleiman, CEO of Sterling Bank, highlighted that SeaBaaS is the first fully developed core banking platform built and owned by an African technology company. He described this development as the beginning of a new revolution in Africa’s drive for economic self-sufficiency. “Partnering with Peerless to create SeaBaaS is not just a milestone for us; it is a renewal of our resolve and ambition to remain a world-class organization,” Suleiman said. He added that the intellectual property behind SeaBaaS would be made available to partners across the continent in the coming months.
Suleiman further explained that the transition to SeaBaaS is a significant achievement for both the African banking industry and Sterling Bank’s customers. For the banking sector, it represents the continent’s first indigenously conceived and engineered core banking application, with every line of code, database configuration, and interface proudly African. For customers, it translates into faster transactions, enhanced security, and innovative financial products tailored to their needs. Moreover, for regulators, the platform ensures greater transparency, robust reporting, and compliance with evolving standards.
The Sterling Bank CEO also acknowledged the challenges faced during the implementation of SeaBaaS, noting that the issues had been resolved and the bank’s full suite of digital banking services was being restored in phases. “This successful deployment reminds us that nothing truly valuable comes without challenges. While this transition has tested our systems and patience, it also reinforced our commitment to innovation and excellence,” he stated. Suleiman emphasized that this migration is set to deliver unmatched efficiency and transformative customer experiences.
With the introduction of SeaBaaS, Sterling Bank sets a new benchmark for Nigerian financial services, paving the way for a future where African institutions can reduce their reliance on foreign core banking systems, potentially saving hundreds of millions of dollars annually.
Sterling bank’s history of market-leading innovations includes Nigeria’s first contactless prepaid transport card, FarePay, the first automated retail lending solution, Specta, and partnerships with state governments to deploy innovations like drone delivery systems for pharmaceuticals and digitized medical records.
For more updates on Sterling Bank and other groundbreaking developments in the financial sector, visit FasnewsNG.com.
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