PRES RELEASE
Sterling Bank Raises the Bar on Global Standards.
Sterling Bank Raises the Bar on Global Standards.
…migrates to Africa’s First Indigenous Core Banking System
Sterling Bank Limited, a leading commercial bank in Nigeria and an African agility pioneer, has taken a significant step forward by implementing SeaBaaS, Peerless’ first indigenous core banking solution. This strategic move, announced to customers in August 2024, puts Nigeria at the forefront of digital banking by leveraging local talent and innovative technology.
SeaBaaS uses advanced data analytics and artificial intelligence to enhance the customer experience and operational efficiency, resulting in faster and smarter financial services. CEO Abubakar Suleiman emphasized that SeaBaaS was entirely developed by an African company, indicating a significant step toward economic self-sufficiency in Africa, with intellectual property soon available to partners across the continent.
For regulatory bodies, the system improves transparency, comprehensive reporting, and compliance with changing standards. Suleiman said, “Partnering with Peerless to develop SeaBaaS exemplifies our ambition for world-class status and demonstrates that African institutions can make significant advances.”
He stated that this transition is a watershed moment for the African banking industry, demonstrating a core banking application developed in Nigeria by local experts. Customers will benefit from faster transactions, increased security, and innovative financial products, while regulators will enjoy improved transparency and compliance.
Suleiman acknowledged the challenges faced during implementation but assured stakeholders that these have been resolved, with digital banking services now fully operational. He commented, “This deployment shows that valuable outcomes often come from overcoming challenges. Our commitment to innovation and excellence is unwavering as we enter this efficient new phase.”
He also pointed out the financial implications of this transition, highlighting that African banks currently spend heavily on foreign core banking systems, which worsens trade balance issues. SeaBaaS not only sets a benchmark for Nigerian financial services but also paves the way for African institutions to lower technology costs and enhance financial inclusion.
The migration to SeaBaaS reinforces Sterling Bank’s legacy of innovation, which includes Nigeria’s first contactless prepaid transport card and automated retail lending solutions. The bank has partnered with state governments to launch initiatives like a drone delivery system for pharmaceuticals in Kaduna and the digitization of medical records.
