Local core banking application crafted domestically processed a mammoth 2 billion transactions within its inaugural year, as per Sterling Bank's claims.
Sterling Bank, one of Nigeria's leading financial institutions, has made significant strides in digital transformation. The bank's core banking system, SEABaaS, has been instrumental in this journey.
Designed in collaboration with Bazara Technologies, Peerless Software, KPMG, Revent Technologies, and AppQuest Solutions, SEABaaS was first implemented by Sterling Bank starting September 2022. The system was jointly built by Bazara Tech Inc. and Peerless Technologies.
Sterling Bank's decision to trust a custom-built local platform (SEABaaS) rather than leaning on foreign platforms like Finacle, as GTBank and Access Bank did, seems to have paid off. The bank has been on a customer acquisition spree, breaking records for new customers for eight months in a row.
The migration to SEABaaS in 2024 has resulted in a surge in transaction volumes. Over the past year, the system has processed 2 billion transactions without any downtime, serving more than five million end-users through SEABaaS-powered platforms.
The move has also yielded significant cost savings. Abubakar Suleiman, CEO at Sterling Bank, stated that migrating to SEABaaS has saved the bank millions of dollars in fees. Peerless Technologies claimed that SEABaaS has directly contributed to over $10 million in operational savings for Sterling Bank.
However, the migration process was not without its challenges. Over three million Sterling Bank customers were locked out of banking services for days during the migration.
Despite these hiccups, Sterling Bank's market capitalisation stands at ₦390.9 billion, a testament to the bank's resilience and the potential of homegrown solutions.
Meanwhile, the financial sector is under pressure to optimise costs while handling exploding digital transaction volumes. Nigerian commercial banks are reported to spend at least $10 million annually in this regard.
On a different note, the Moonshot event, an opportunity to join Africa's top founders, creatives, and tech leaders for 2 days of keynotes, mixers, and future-forward ideas, is fast approaching. Early bird tickets for the event, which will take place in Lagos on October 15-16, are now 20% off. The Alternative Bank and ARM are listed as clients on Peerless Technologies' website.
In conclusion, Sterling Bank's journey with SEABaaS serves as a compelling case study for Nigerian banks seeking to navigate the digital transformation landscape while managing costs and maintaining customer service.
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