Nigeria’s leading commercial bank and Africa’s most agile company, Sterling Bank Limited, has made history by migrating to what is believed to be the continent’s first ever indigenous core banking solution called SeaBaaS.
The implementation of SeaBaaS, developed by Peerless, marks the
completion of a new banking system announced to customers in August 2024.
This strategic move positions Nigeria as a leader in digital
banking, driven by local talent and cutting-edge technology.
Leveraging advanced data analytics and artificial intelligence, the system promises to enhance customer experience and operational efficiency, providing smarter, faster financial services.
Speaking on the achievement, Abubakar Suleiman, CEO of Sterling
Bank, said SeaBaaS is the first fully developed core banking platform that is
wholly built and owned by an African technology company.
He described the development as the start of a new revolution in
Africa’s drive for economic self-sufficiency, noting that the intellectual
property underpinning SeaBaas will be available to partners across the
continent in the coming months.
For regulators, it ensures greater transparency, robust reporting,
and compliance with evolving standards.
“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. It is proof that African institutions can do great
things that will make the world stand up and take notice of us,” said Suleiman.
“We are once again proving that the notion of Nigerian banking
being one of the most technologically advanced is not just a myth, but a
reality that is manifested in the quality of solutions we can develop, and
services we can deliver to our customers.”
Suleiman explained that the transition to SeaBaaS represents many
things to many people. “For the African banking industry, it is the continent’s
first indigenously conceived and engineered core banking application, built and
owned entirely by a Nigerian company, with every line of code, database
configuration and interface proudly African, delivered by homegrown talent.
"For our customers, it offers faster transactions, enhanced
security and innovative financial products tailored to their needs. For
regulators, it ensures greater transparency, robust reporting and compliance
with evolving standards.”
The bank’s CEO acknowledged the challenges faced during the
implementation, stating that implementation issues had been resolved, with the
institution’s full bouquet of digital banking services being restored in phases
for customers’ use.
According to him, “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. We enter this new phase confident that the migration
will deliver unmatched efficiency and transformative customer
experiences."
He also pointed out the financial implications of the migration,
noting that African banks collectively spend hundreds of millions of dollars
annually on foreign core banking systems, which exacerbates the continent's
trade balance issues. The introduction of SeaBaaS not only sets a new benchmark
for Nigerian financial services but also paves the way for a future where
African institutions can reduce their technology costs, thereby enhancing
financial inclusion, he said.
Sterling Bank’s migration to SeaBaaS adds to its history of being
at the forefront of market-leading innovations. The bank pioneered Nigeria's
first contactless prepaid transport card (FarePay) and the first automated
retail lending solution (Specta).
It has also partnered with state governments to deploy innovations
like the first drone delivery system for pharmaceutical consumables with
Zipline in Kaduna, and digitized medical records.
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