By Jemimah Wellington, JKNewsMedia Reporter
A BOLD step has been taken with the launch of SeaBaaS, Africa’s first homegrown core banking system, setting a new milestone in Nigeria’s commercial banking transition.
Developed by Peerless, this move signals a new era in digital banking across the continent.
By using local expertise and cutting-edge technology, the bank admits it is setting the pace for African financial institutions.
The adoption of SeaBaaS, which began in August 2024, aims to improve customer service and operational efficiency.
The system leverages advanced data analytics and artificial intelligence to offer faster, smarter financial solutions.
This technology is expected to make banking more secure and responsive to customer needs.
Sterling Bank’s CEO, Abubakar Suleiman, highlighted the significance of this shift.
He noted that SeaBaaS is the first banking platform fully designed and owned by an African company.
Suleiman described the launch as a major breakthrough in Africa’s journey toward economic independence.
According to him, the intellectual property behind SeaBaaS will soon be shared with other banks across Africa.
The new system promises benefits for both customers and regulators.
For clients, it will offer faster transactions, improved security, and innovative products.
For regulatory bodies, SeaBaaS will enhance transparency and reporting standards, ensuring compliance with the latest financial regulations.
Suleiman acknowledged the challenges that arose during the transition, noting that Sterling Bank worked diligently to resolve implementation issues.
Digital banking services are being restored gradually for customers, with full functionality expected soon.
He emphasized that the migration tested the bank’s patience and systems but ultimately reinforced its commitment to delivering top-notch financial services.
The migration to SeaBaaS also holds financial benefits for the continent.
African banks spend hundreds of millions of dollars annually on foreign banking systems.
By shifting to a locally developed platform, Sterling Bank notes it is setting a precedent that could reduce Africa’s reliance on foreign technology, ultimately driving financial inclusion and reducing costs.
With a history of leading innovation in the Nigerian banking sector, Sterling Bank, from introducing the first contactless transport card (FarePay) to developing the first automated retail lending solution (Specta), it has consistently been at the forefront of technological advancements.
Its latest achievement, the bank says, is the deployment of SeaBaaS to continue its legacy, positioning Nigeria as a leader in digital banking.
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