Sterling Bank has migrated to SeaBaaS, Africa's first indigenous core banking system. This is a transition from the norm of relying on foreign-developed banking software.
The new core banking system is developed by Peerless, a local African tech company. SeaBaaS is designed to cater specifically to the unique needs and challenges of Africa's financial sector. It offers enhanced flexibility, improved security features, and better integration with local payment systems.
Sterling Bank's decision to adopt this homegrown solution demonstrates confidence in African technological capabilities and supports the growth of the continent's tech ecosystem. This move is expected to reduce dependency on foreign software providers and potentially lower operational costs for the bank in the long term.
In a statement by the Chief Executive Officer of Sterling Bank, Abubakar Suleiman highlighted that SeaBaaS is the first fully developed core banking platform wholly created and owned by an African technology company.
The successful implementation of this indigenous core banking system could pave the way for other African financial institutions to follow suit, fostering innovation and self-reliance in the continent's banking sector.
