Sterling Bank Migrates to Africa’s First Indigenous Core Banking System: SeaBaaS
Sterling Bank, one of Nigeria’s top financial institutions, has made a groundbreaking move by adopting SeaBaaS (Secure, Efficient, Agile Banking as a Service)—Africa’s first indigenous core banking system. Developed by Nigerian technology firm Peerless, SeaBaaS is specifically tailored for the African market, offering a stable, reliable, and flexible platform designed to drive local economic growth and foster innovation.
This migration represents Sterling Bank’s commitment to promoting African innovation and reducing reliance on foreign technologies. By transitioning to a home-grown banking system, Sterling is setting a precedent for other African financial institutions to embrace locally developed solutions designed to meet the continent’s unique needs.
Abubakar Suleiman, CEO of Sterling Bank, highlighted this shift as part of the bank’s broader digital transformation strategy aimed at improving operational efficiency, minimizing service downtime, and enhancing customer experience. According to him, this marks a new chapter in Africa’s journey toward economic independence, with plans to share the SeaBaaS intellectual property with other partners across the continent.
“Partnering with Peerless to create SeaBaaS is a milestone for us. It proves that African institutions can develop world-class technologies that make a global impact. The success of Nigerian banking’s technological advancements is not a myth, but a reality, and SeaBaaS is a testament to the kind of solutions we can deliver to our customers,” Suleiman said.
For the African banking industry, SeaBaaS represents the first indigenously engineered core banking system, built entirely by a Nigerian company. For Sterling Bank’s customers, it promises faster transactions, enhanced security, and financial products customized to their needs. Regulators will benefit from greater transparency, improved reporting, and better compliance with evolving standards.
Suleiman acknowledged the challenges faced during implementation but assured that these issues had been resolved, with the bank’s full suite of digital services being restored in phases. He also pointed out the financial implications of the migration, noting that African banks spend hundreds of millions of dollars annually on foreign core banking systems.
