Sterling Bank Limited, the most agile corporation in Africa and the top commercial bank in Nigeria, has created history by implementing what is reportedly the first indigenous core banking system on the continent, SeaBaaS.

The launch of Peerless’ SeaBaaS signifies the conclusion of a new banking system that was revealed to clients in August 2024. This calculated approach, powered by innovative technology and indigenous expertise, establishes Nigeria as a leader in digital banking.

The system aims to improve customer experience and operational efficiency by utilising artificial intelligence and advanced data analytics to deliver quicker and more intelligent financial services.

The CEO of Sterling Bank, Abubakar Suleiman, celebrated the accomplishment by stating that SeaBaaS is the first fully functional core banking platform created and controlled entirely by an African technology business.

In addition to pointing out that partners throughout the continent will soon have access to the intellectual property underlying SeaBaas, he referred to the development as the beginning of a new revolution in Africa’s quest for economic independence.

“We see our collaboration with Peerless to develop SeaBaaS as a reaffirmation of our commitment to being a top-tier company, not only as a significant accomplishment. It is evidence that African institutions are capable of tremendous deeds that will cause the rest of the world to take notice of us, Suleiman remarked.

“We are demonstrating once more that the idea that Nigerian banks are among the most technologically sophisticated is not simply a fiction, but rather a fact that is reflected in the calibre of services and solutions we can provide to our clients.

“It is the first African-conceived and -engineered core banking application for the banking sector. It is fully owned and developed by a Nigerian company, and every line of code, database configuration, and interface is proudly African, created by native talent.

It provides our clients with quicker transactions, better security, and cutting-edge financial products that are catered to their specific requirements. It guarantees more openness, thorough reporting, and adherence to changing regulations for regulators.

This deployment’s success serves as a reminder that nothing really worthwhile is free from difficulties. This change has put our patience and systems to the test, but it has also strengthened our dedication to quality and innovation. “We are confident that the migration will result in unparalleled efficiency and revolutionary customer experiences as we embark on this new phase,” he continued.

The CEO also discussed the financial effects of the migration, pointing out that the continent’s trade balance problems are made worse by the fact that African banks together spend hundreds of millions of dollars a year on foreign core banking systems.

In addition to creating a new standard for financial services in Nigeria, Suleiman stated that the launch of SeaBaaS “paves the way for a future where African institutions can reduce their technology costs, thereby enhancing financial inclusion.”

With its move to SeaBaaS, Sterling Bank continues its tradition of leading the industry in innovative solutions. The bank invented the first automated retail lending system (Specta) and the first contactless prepaid transport card (FarePay) in Nigeria.

Along with deploying innovations like the first drone delivery system for pharmaceutical consumables with Zipline in Kaduna State, the banking institution has also partnered with state governments to implement digital medical records.