Sterling Bank Limited has made history by becoming the first bank on the continent to migrate to an indigenous core banking solution, SeaBaaS.
Developed by Nigerian tech company Peerless, this marks a significant shift for the African banking sector, showcasing local talent and cutting-edge technology.
Announced to customers in August 2024, this strategic move positions Nigeria as a leader in digital banking.
SeaBaaS, powered by data analytics and artificial intelligence, promises to revolutionize customer experience and operational efficiency. It ensures to deliver faster and smarter financial services.
“Partnering with Peerless to create SeaBaaS is not just a milestone for us; it is a renewal of our resolve to remain a world-class organization,” Sterling Bank’s Chief Executive Officer, Abubakar Suleiman said.
Suleiman described the platform as the first fully developed core banking system. It was created and owned by an African company, signaling Africa’s move toward economic self-sufficiency.
“For African banks, it’s a game-changer,” Suleiman added.
“Every line of code, database configuration, and interface was proudly built by homegrown talent. For customers, it means faster transactions, enhanced security, and tailored financial products.”
Suleiman acknowledged thqt the transition wasn’t without challenges but confirmed that the issues had been resolved.
“This migration tested our systems and patience, but it reinforced our commitment to innovation and excellence,” he stated.
The bank is restoring its full suite of digital services in phases.
The CEO also highlighted the financial benefits of adopting SeaBaaS. African banks spend hundreds of millions of dollars annually on foreign core banking systems, adding to trade balance deficits.
With SeaBaaS, African institutions can reduce costs while boosting financial inclusion.
Sterling Bank’s migration to SeaBaaS continues it recent trend of innovations. The bank previously pioneered Nigeria’s first contactless prepaid transport card (FarePay) and the first automated retail lending solution (Specta).
