Sterling Bank Limited, a leading commercial bank in Nigeria, has successfully completed a groundbreaking migration to SeaBaaS, an indigenous core banking solution developed by the African tech firm Peerless. This achievement positions Sterling Bank at the forefront of digital banking across Africa.
The migration to SeaBaaS (Seamless Banking as a Service), which began in August 2024, has been successfully finalized, showcasing Nigeria’s prowess in banking technology innovation. SeaBaaS is notable for being the first core banking platform fully developed and owned by an African technology company. The system utilizes advanced data analytics and artificial intelligence to deliver faster transactions, enhanced security, and customized financial products, significantly improving both operational efficiency and the customer experience.
SeaBaaS also enhances regulatory compliance by providing greater transparency and robust reporting capabilities, which are essential in the ever-evolving regulatory landscape.
Abubakar Suleiman, CEO of Sterling Bank, highlighted the broader significance of this migration for Africa’s push towards economic self-reliance. The development of SeaBaaS by African talent demonstrates the potential for locally developed solutions to reduce dependence on costly foreign core banking systems, thereby improving the continent’s trade balance and financial inclusion.
Suleiman acknowledged the challenges encountered during the transition but expressed confidence that the migration would ultimately result in unmatched efficiency and transformative customer experiences. Despite initial implementation hurdles, the bank’s digital services have now been restored in phases.
Sterling Bank has a strong track record of leading market innovations, such as introducing Nigeria’s first contactless prepaid transport card (FarePay) and the first automated retail lending solution (Specta). The successful deployment of SeaBaaS further cements the bank’s position as a pioneer in the African financial services sector.
The introduction of SeaBaaS not only sets a new standard for the Nigerian banking industry but also paves the way for other African institutions to adopt similar technologies, fostering greater financial independence and innovation across the continent.