By Ajibola Adedoye
Nigeria’s leading commercial bank and Africa’s most nimble company, Sterling Bank Limited, has made history by migrating to what’s believed to be the continent’s first ever indigenous core banking solution called SeaBaaS.
SeaBaaS by Peerless, marks the completion of a new banking system blazoned to customers in August 2024.
This strategic move positions Nigeria as a leader in digital banking, driven by original gift and slice- edge technology.
Making use of advanced data analytics and artificial intelligence, the system promises to enhance client experience and functional effectiveness, furnishing smarter, briskly fiscal services.
Speaking on the achievement, Abubakar Suleiman, CEO of Sterling Bank, said SeaBaaS is the first completely developed core banking platform that’s wholly erected and possessed by an African technology company.
He described the development as the launch of a new revolution in Africa’s drive for profitable tone- adequacy, noting that the intellectual property bolstering SeaBaas will be available to partners across the continent in the coming months.
For regulators, it ensures lesser translucency, robust reporting, and compliance with evolving norms.
“Partnering with Peerless to produce SeaBaaS is not just an achievement for us; it’s a renewal of our resoluteness and ambition to remain a world-class organization. It’s evidence that African institutions can do greater things that will make the world stand up and take notice of us” said Suleiman.
“We’re also proving that the notion of Nigerian banking being one of the most technologically advanced is not just a myth, but a reality that’s manifested in the quality of results we can develop, and services we can deliver to our customers”.
Suleiman explained that the transition to SeaBaaS represents numerous effects to numerous people.“ For the African banking industry, it’s the continent’s first indigenously conceived and finagled core banking operation, erected and possessed entirely by a Nigerian company, with every line of law, database configuration and affiliate proudly African, delivered by homegrown gift.
“For our customers, it offers briskly deals, enhanced security and innovative fiscal products acclimatized to their requirements. For controllers, it ensures lesser translucency, robust reporting and compliance with evolving norms. ”
The bank’s CEO conceded the challenges faced during the perpetration, stating that perpetration issues had been resolved, with the institution’s full bouquet of digital banking services being restored in phases for guests’ use.
According to him, “This successful deployment reminds us that nothing truly precious comes without challenges. While this transition has tested our systems and tolerance, it also corroborated our commitment to invention and excellence. We enter this new phase confident that the migration will deliver unmatched effectiveness and transformative client gests .”
He also re-echoed the fiscal counteraccusations of the migration, noting that African banks inclusively spend hundreds of millions of bones
annually on foreign core banking systems, which exacerbates the mainland’s trade balance issues. The preface of SeaBaaS not only sets a new standard for Nigerian fiscal services but also paves the way for a future where African institutions can reduce their technology costs, thereby enhancing fiscal addition, he said.
Sterling Bank’s migration to SeaBaaS adds to its history of being at the van of request- leading inventions. The bank innovated Nigeria’s first contactless reimbursed transport card (FarePay) and the first automated retail lending result (Specta).
It has also partnered with state governments to emplace inventions like the first drone delivery system for pharmaceutical consumables with Zipline in Kaduna, and digitized medical records.
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