Sterling Bank Limited has achieved a significant milestone by migrating to Africa’s first indigenous core banking solution, SeaBaaS, developed by Peerless. This historic move announced to customers in August 2024, represents a major advancement in Nigeria’s digital banking sector, driven by local talent and cutting-edge technology.
Key Highlights of the Migration
- SeaBaaS Introduction: SeaBaaS is the first core banking platform fully developed and owned by an African technology company. This platform leverages advanced data analytics and Artificial Intelligence (AI) to enhance customer experience and operational efficiency.
- Impact on Nigerian Banking: Abubakar Suleiman, CEO of Sterling Bank, emphasized that the introduction of SeaBaaS marks a new era of economic self-sufficiency in Africa. He noted that this development underscores the capability of African institutions to create world-class technological solutions.
- Features and Benefits: SeaBaaS promises faster transactions, enhanced security, and innovative financial products tailored to customer needs. It also provides regulators with improved transparency, robust reporting, and compliance with evolving standards.
- Implementation and Challenges: Suleiman acknowledged the challenges faced during the implementation phase but assured that these issues have been resolved. The bank’s full range of digital banking services has been restored in phases for customer use.
Suleiman’s Statement
Suleiman described the migration as a renewal of Sterling Bank’s commitment to remain a world-class organization and a testament to the advanced technological capabilities of Nigerian and African institutions. He highlighted that SeaBaaS is an example of how Nigerian banking technology can meet global standards and deliver exceptional services.
“This successful deployment reminds us that nothing truly valuable comes without challenges,” Suleiman said. “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.”
Sterling Bank’s transition to SeaBaaS is poised to set a new benchmark for indigenous banking solutions in Africa and demonstrate the continent’s growing technological prowess.
