In a groundbreaking development for the African banking sector, Sterling Bank has completed its transition to SeaBaaS by Peerless, Africa’s inaugural indigenous core banking system. This significant milestone underscores Nigeria’s prowess in digital innovation and highlights the continent’s capability to foster homegrown technological solutions.
The completion of this ambitious implementation, announced to customers in August 2024, marks a historic achievement for the Nigerian banking industry. SeaBaaS, designed and developed entirely by a local technology company, represents a leap towards economic self-sufficiency for Africa, leveraging advanced data analytics and Artificial Intelligence to deliver smarter and faster financial services.
Abubakar Suleiman, CEO of Sterling Bank, emphasized the transformational impact of SeaBaaS. “SeaBaaS is the first core banking platform fully conceived and built by an African company,” Suleiman stated. “This is not just a milestone for Sterling Bank but a testament to Africa’s potential to develop world-class solutions. It is a clear signal that Nigerian banking is at the forefront of technological advancement, demonstrating that our solutions can compete globally.”
The new system promises to revolutionize the customer experience with faster transactions, enhanced security, and innovative financial products tailored to diverse needs. It also offers improved transparency and compliance, benefiting regulators and reinforcing the bank’s commitment to operational excellence.
Suleiman acknowledged the challenges encountered during the transition but expressed confidence in the system’s eventual impact. “While the implementation tested our systems and patience, it reaffirmed our commitment to innovation,” he noted. “The migration to SeaBaaS will deliver unmatched efficiency and transformative experiences for our customers.”
Sterling Bank’s shift to SeaBaaS not only reduces reliance on expensive foreign core banking applications but also sets a new benchmark for financial services in Nigeria. “By leveraging local expertise and technology, we’re not just raising the bar for Nigerian financial services; we’re paving the way for a future where African institutions can reduce technology costs and enhance financial inclusion,” Suleiman added.
This achievement aligns with Sterling Bank’s legacy of pioneering innovations. The bank has previously introduced Nigeria’s first contactless prepaid transport card (FarePay) and the first automated retail lending solution (Specta). It has also collaborated on groundbreaking projects, such as the first drone delivery system for pharmaceutical products in Kaduna with Zipline and digitized medical records across several states.
Sterling Bank’s commitment to market-leading innovations extends to its HEART strategy, focusing on significant investments in Healthcare, Education, Agriculture, Renewable Energy, and Transportation. The bank is renowned for its bold brand voice and exceptional talent management practices.
As Sterling Bank embarks on this new chapter with SeaBaaS, it stands as a beacon of technological advancement and self-reliance in Africa’s financial sector.