Sterling Bank Limited, a prominent Nigerian commercial bank under the umbrella of Sterling Financial Holdings Company, celebrated a significant milestone: the first anniversary of its transition to SeaBaas, Africa’s pioneering indigenous core banking solution. This transition, completed in September 2024, marks a pivotal moment not only for the bank but also for the African technology landscape, demonstrating the continent’s capability to develop world-class financial technology solutions. SeaBaas, conceived by Sterling Bank and brought to life through a collaborative effort with various technology partners and the bank’s internal engineering team, has proven instrumental in enhancing the bank’s operational efficiency and expanding its reach across the Nigerian financial ecosystem.
The first year of SeaBaas’ operation has been marked by impressive performance metrics. The platform processed over two billion transactions, a testament to its robust architecture and scalability. Moreover, it significantly reduced processing times by approximately 60%, streamlining operations and enhancing customer experience. This efficiency gain has translated into a notable 66% increase in customer adoption, indicating the platform’s appeal and ease of use. These combined achievements underscore SeaBaas’ contribution to setting new standards for scale, efficiency, and reliability within the financial technology sector in Africa. The platform’s ability to maintain uninterrupted service for a full year, with zero downtime, solidifies its position as a highly dependable financial platform within the continent.
Beyond the technological advancements, SeaBaas has yielded substantial financial benefits for Sterling Bank. The platform has unlocked significant cost savings, allowing the bank to reinvest resources in strategic growth initiatives. Furthermore, it has facilitated accelerated financial inclusion across Nigeria, broadening access to financial services for a wider segment of the population. This resonates with the bank’s commitment to empowering individuals and businesses through accessible and efficient financial solutions.
SeaBaas has become the backbone of Sterling Bank’s digital ecosystem. It supports various essential banking functions, including fintech integrations, agent banking networks, and third-party solutions. By seamlessly integrating with these diverse platforms and services, SeaBaas enables a comprehensive and interconnected financial experience for customers. It empowers Sterling Bank to offer a broader array of financial products and services, catering to the evolving needs of its diverse customer base.
Abubakar Suleiman, Chief Executive of Sterling Bank, expressed immense pride in the achievement, emphasizing the platform’s significance as a testament to African ingenuity and potential. He highlighted SeaBaas as a “proof of possibility,” demonstrating Africa’s capability to develop innovative solutions to complex challenges and scale them globally. The milestone was recognized as a collective victory for all stakeholders involved, including Sterling Bank’s employees, partners, and customers who shared the vision of a homegrown, world-class banking solution.
Building on this momentum, Sterling Bank envisions expanding SeaBaas’ capabilities to address significant challenges within the financial sector, reshape financial systems, and showcase the potential of African innovation on a global scale. The bank’s commitment to continuous innovation is evident in its forward-looking approach, with SeaBaas poised to play a pivotal role in transforming the future of banking in Africa. Suleiman’s concluding remarks, “This is only the beginning,” encapsulate the bank’s ambition and its belief in the transformative power of SeaBaas. Sterling Bank aims to leverage this innovative platform to drive further growth, enhance financial inclusion, and solidify its position as a leading force in the African financial landscape. The bank’s commitment to innovation and technological advancement positions it well for continued success and its role in shaping the future of financial services in the region.
