LAGOS/Nigeria: Sterling Bank Limited, one of Nigeria’s leading financial institutions, has set a new milestone by becoming the first bank in Africa to migrate to an indigenous core banking solution, SeaBaaS. Developed by the Nigerian technology company Peerless, the system marks a significant shift in the continent’s digital banking landscape.
The migration to SeaBaaS, which was completed in August 2024, showcases Nigeria’s growing leadership in fintech and digital banking. Built entirely by African talent, the platform is designed to enhance operational efficiency and customer experience by utilizing advanced data analytics and artificial intelligence. It offers faster, smarter financial services, tailored to the evolving needs of consumers.
Speaking on the achievement, Abubakar Suleiman, CEO of Sterling Bank, hailed SeaBaaS as the first fully African-owned core banking system. “This is the start of a new revolution in Africa’s drive towards economic self-sufficiency. SeaBaaS will be made available to partners across the continent in the coming months, and its intellectual property will serve as a foundation for future innovations,” Suleiman stated.
Suleiman described the collaboration with Peerless as a testament to the ambition and capabilities of African institutions. “We are proving that Nigerian banking is not just among the most technologically advanced but also driven by homegrown solutions. SeaBaaS reflects our resolve to remain a world-class organization and showcases the immense talent we have on the continent.”
For customers, the new system promises faster transactions, improved security, and innovative financial products. Regulators will benefit from greater transparency, enhanced reporting, and better compliance with evolving standards, according to Suleiman.
The CEO acknowledged the challenges faced during the transition but affirmed that these issues had been resolved, with the bank’s full suite of digital banking services now being restored. “This deployment reminds us that nothing valuable comes without its challenges. We are confident that the migration to SeaBaaS will deliver unmatched efficiency and transformative customer experiences,” Suleiman added.
Suleiman also highlighted the financial implications of the move, noting that African banks spend hundreds of millions of dollars annually on foreign core banking systems. The adoption of SeaBaaS is expected to reduce technology costs for African institutions and enhance financial inclusion across the continent.
Sterling Bank’s adoption of SeaBaaS follows a history of market-leading innovations, including Nigeria’s first contactless prepaid transport card (FarePay) and the first automated retail lending solution (Specta). The bank has also spearheaded partnerships with state governments, introducing innovations like drone delivery systems for pharmaceuticals and digitized medical records.
With this bold step, Sterling Bank continues to position itself as a leader in Africa’s banking revolution, setting the stage for future technological advancements across the continent.
