Sterling Bank Limited, Nigeria’s leading commercial bank and Africa’s most agile company, has achieved a groundbreaking feat by migrating to SeaBaaS, the continent’s first indigenous core banking system.
Developed by Peerless, SeaBaaS marks a significant milestone in Nigeria’s digital banking landscape, positioning the country as a leader in cutting-edge technology and innovation.
The implementation of SeaBaaS is a testament to Sterling Bank’s commitment to excellence and its resolve to remain a world-class organization.
According to Abubakar Suleiman, CEO of Sterling Bank, SeaBaaS is the first fully developed core banking platform built and owned by an African technology company, marking the beginning of a new revolution in Africa’s drive for economic self-sufficiency.
SeaBaaS leverages advanced data analytics and artificial intelligence to enhance customer experience and operational efficiency, providing smarter and faster financial services.
The system promises to transform the banking industry, offering faster transactions, enhanced security, and innovative financial products tailored to customers’ needs.
The transition to SeaBaaS represents a significant achievement for the African banking industry, as it is the continent’s first indigenously conceived and engineered core banking application.
Built and owned entirely by a Nigerian company, SeaBaaS is a proud testament to African talent and innovation.
For regulators, SeaBaaS ensures greater transparency, robust reporting, and compliance with evolving standards.
The system’s intellectual property will be available to partners across the continent in the coming months, paving the way for a future where African institutions can reduce their technology costs and enhance financial inclusion.
Sterling Bank’s migration to SeaBaaS adds to its history of pioneering market-leading innovations.
The bank has consistently been at the forefront of innovation, introducing Nigeria’s first contactless prepaid transport card (FarePay) and the first automated retail lending solution (Specta).
It has also partnered with state governments to deploy innovations like the first drone delivery system for pharmaceutical consumables with Zipline in Kaduna and digitized medical records.
The successful deployment of SeaBaaS is a testament to Sterling Bank’s commitment to innovation and excellence.
Despite the challenges faced during implementation, the bank has reinforced its resolve to remain a leader in digital banking, driven by local talent and cutting-edge technology.
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