Onome Amuge
Sterling Bank has marked the first anniversary of SeaBaas, a core banking system it designed and developed in Africa, positioning the platform as evidence that African financial institutions can produce technology at global scale.
In the 12 months since it went live, SeaBaas has processed more than two billion transactions, cut processing times by about 60 per cent and supported a 66 per cent rise in customer adoption, according to the lender. Executives say the platform has set new benchmarks for scale, efficiency and reliability in African banking.
The system, built by Sterling in collaboration with technology firms including Peerless Software, KPMG, Bazara Technologies, Revent Technologies and AppQuest Solutions, underpins the bank’s digital ecosystem. It powers offerings such as OneBank, SterlingPro, Switch and Specta, while enabling fintech integrations, agent banking services and third-party solutions.
Perhaps most notable, the platform has recorded zero downtime in its first year, considered a rare feat in financial technology infrastructure on the continent.
“SeaBaas, to us, represents a proof of possibility. It shows that Africa can build world-class technology, solve complex problems locally, and scale globally. This milestone is a collective victory for every Sterling colleague, our partners and our customers who believed in the vision,” ” said Abubakar Suleiman, chief executive of Sterling Bank.
Suleiman added that the bank intends to build on SeaBaas’s first-year momentum by expanding its capabilities to tackle more complex challenges and potentially export the model beyond Nigeria. “SeaBaas reminds us that when we dare to dream boldly and build courageously, there is no limit to what we can achieve in Africa,” he said.
