Sterling Bank Limited has made history by migrating to Africa’s first-ever indigenous core banking solution called SeaBaaS, developed by Peerless, marking the completion of a new banking system which the bank announced to customers in August, 2024.
The bank said that the move positioned Nigeria as a leader in digital banking driven by local talent and cutting-edge technology.
Leveraging advanced data analytics and Artificial Intelligence (AI), the system promises to enhance customer experience and operational efficiency, providing smarter and faster financial services.
Speaking on the achievement, Abubakar Suleiman, CEO of Sterling Bank, said SeaBaaS was the first fully developed core banking platform that was wholly built and owned by an African technology company.
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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 would be available to partners across the continent in the coming months.
He said, “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 organisation. It is proof that African institutions can do great things that will make the world stand up and take notice of us.
“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.
“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.”
He 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.
He further said, “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.”
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