Nigeria’s Sterling Bank Makes History with Continent’s First Indigenous Core Banking Solution
Nigeria’s Sterling Bank Limited, recognized as Africa’s most agile bank, has successfully migrated to SeaBaaS, considered the continent’s first native core banking solution. The implementation marks the completion of a new banking system introduced to customers in August 2024. This forward-thinking move solidifies Nigeria’s position as a pioneer in digital banking, thanks to its homegrown expertise and cutting-edge technology.
SeaBaaS, developed by Peerless, enables advanced data analytics and artificial intelligence, promising enhanced customer experience, operational efficiency, and smarter, faster financial services. Speaking on this achievement, Abubakar Suleiman, CEO of Sterling Bank, emphasized the significance of being the first fully developed and owned African core banking platform.
This innovative breakthrough holds immense implications for the financial sector in Africa, breaking new ground for indigenous software development and economic self-sufficiency. According to Suleiman, African banks spend hundreds of millions of dollars annually on foreign core banking systems, putting a strain on the trade balance. With SeaBaaS, the cost-effective solution sets a new standard for financial services, encouraging African institutions to reduce tech expenses and boost financial inclusion.
As Sterling Bank transitions to its new core banking system, Suleiman acknowledged the challenges faced and praised the bank’s innovative spirit and commitment to staying ahead of the curve. The financial institution’s latest innovation follows its pioneering history, which includes the country’s first contactless prepaid transport card, FarePay, and automated retail lending solution, Specta. Collaborations with state governments on projects such as drone-delivered pharmaceuticals and digital medical records further underscore its dedication to harnessing innovative technologies for the greater good.
In a remarkable assertion of Nigerian banking’s capability, Suleiman remarked, “Partnering with Peerless to create SeaBaaS is not just a milestone for us, but 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.”
This seismic shift in Africa’s fintech landscape solidifies Nigeria’s role as a hotbed of innovation and drive, opening doors to even greater economic possibilities. Sterling Bank’s migration to SeaBaaS represents a step forward for African institutions to reclaim ownership of their software development and redefine the path to digital financial inclusion. As the African continent’s leader in agility and innovation, Sterling Bank Limited sets the stage for a bright financial future, built on confidence, commitment, and collaborative spirit.
