Lagos, Nigeria: In an unprecedented step, Sterling has made history by migrating to the continent’s first ever indigenous core banking solution, called SeaBaaS by Peerless. This positions Nigeria as a leader in digital banking, driven by local talent and cutting-edge technology.
This milestone marks the completion of the implementation we announced to our customers in August 2024. The newly deployed system leverages advanced data analytics and Artificial Intelligence that will enable smarter, faster financial services, enhancing both customer experience and operational efficiency.
Speaking on this achievement, our CEO, Abubakar Suleiman, stated that SeaBaaS is the first fully developed core banking platform that is wholly built and owned by an African technology company. He described this development as the start of a new revolution in Africa’s drive for economic self-sufficiency and noted that the intellectual property underpinning SeaBaaS will be available to partners across the continent in the coming months.
“Partnering with Peerless to create SeaBaaS is not just a milestone for us; it is a renewal of our resolve and ambition to remain a world-class organization. It is proof that African institutions can do great things that will make the world stand up and take notice of us,” said Suleiman. “We are once again proving that the notion of Nigerian banking being one of the most technologically advanced is not just a myth, but a reality manifested in the quality of solutions we can develop and the services we deliver to our customers.”
Suleiman further shared that “the transition to SeaBaaS is many things to many people. For the African banking industry, it is the continent’s first indigenously conceived and engineered core banking application, built and owned entirely by a Nigerian company, with every line of code, database configuration, and interface proudly African, delivered by homegrown talent. For our customers, it offers faster transactions, enhanced security, and innovative financial products tailored to their needs. For regulators, it ensures greater transparency, robust reporting, and compliance with evolving standards.”
Our CEO acknowledged the challenges faced during the implementation, stating that these issues have been resolved, and we are restoring our full bouquet of digital banking services in phases for our customers’ use.
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In Suleiman’s words, “This successful deployment reminds us that nothing truly valuable comes without challenges. While this transition has tested our systems and patience, it has 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.”
“African banks spend hundreds of millions of dollars annually on foreign core banking applications, further putting pressure on the continent’s balance of trade. With what our amazing partners at Peerless have done and the successful deployment of this new core banking system, we are not only setting a new standard for Nigerian financial services but paving the way for a future where African institutions can domesticate their technology cost, thereby reducing the cost of financial inclusion. The journey ahead is promising, and this milestone marks just the beginning of greater things to come,” Suleiman concluded.
Our migration to SeaBaaS adds to our history of being at the forefront of market-leading innovations. We pioneered Nigeria’s first contactless prepaid transport card (FarePay) and the first automated retail lending solution (Specta). We’ve 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 in several states across the country.
Sterling Bank is renowned for its HEART of Sterling strategy, which focuses major investments into the Healthcare, Education, Agriculture, Renewable Energy, and Transportation sectors of the Nigerian economy, as well as its bold brand voice and enviable talent management practices.
