Sterling Bank Limited has made history by becoming the first institution in Africa to adopt an indigenous core banking solution, SeaBaaS, developed by Nigerian tech company Peerless.
This landmark move, following an announcement in August 2024, positions Nigeria as a leader in digital banking, underlining the strength of local innovation and talent.
According to Abubakar Suleiman, CEO of Sterling Bank, SeaBaaS is the first fully African-developed core banking platform. He described this as a significant step toward economic self-reliance, with plans to share the technology across the continent.
The advanced system, powered by data analytics and artificial intelligence, aims to enhance customer experiences and streamline operations, providing faster and smarter financial services.
Suleiman emphasized that the migration to SeaBaaS reflects the bank’s ambition to remain at the cutting edge of technological advancements, proving that Nigerian banking is indeed world-class.
He also noted the broader implications for the African banking industry, highlighting that SeaBaaS is a core banking solution built and owned entirely by a Nigerian company.
For customers, this migration promises faster transactions, enhanced security, and innovative products, while regulators will benefit from greater transparency and robust reporting.
Though the transition posed challenges, Suleiman stated that these have been addressed, with the bank restoring full digital services in phases.
He stressed the long-term benefits, pointing out that African banks spend vast sums on foreign banking systems, which impacts the continent’s trade balance. By developing home-grown solutions, financial institutions can reduce costs and boost financial inclusion.
Sterling Bank’s adoption of SeaBaaS adds to its legacy of leading innovations, such as Nigeria’s first contactless prepaid transport card (FarePay) and the automated retail lending platform (Specta).
The bank has also introduced pioneering solutions like the first drone-based pharmaceutical delivery system in partnership with Zip.
This strategic shift sets a new standard for financial technology in Africa, and Sterling Bank is confident that it will enhance operational efficiency while delivering transformative customer experiences.
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