This system, designed and built in Africa, has achieved significant milestones since its go-live twelve months ago, processing over 2 billion transactions, reducing processing times by approximately 60%, and driving a 66% increase in customer adoption. SeaBaas has demonstrated exceptional scale, efficiency, and reliability in financial technology, maintaining zero downtime across its first year of service, thereby proving its resilience as a dependable financial platform on the continent.
The SeaBaas platform has been instrumental in powering Sterling Bank’s digital ecosystem, including OneBank, SterlingPro, Switch, and Specta. It has also facilitated fintech integrations, expanded agent banking networks, and supported third-party solutions. Abubakar Suleiman, Chief Executive of Sterling Bank, described SeaBaas as a “proof of possibility,” underscoring Africa’s capacity to develop world-class technology, address complex local challenges, and scale globally. He attributed this milestone as a collective triumph for Sterling colleagues, partners, and customers who supported the vision.
Developed collaboratively by Sterling Bank, Peerless Software, KPMG, Bazara Technologies, Revent Technologies, and AppQuest Solutions, with contributions from Sterling’s in-house engineering team, SeaBaas exemplifies courage, ingenuity, and execution excellence. Beyond its technological achievements, the system has generated substantial cost savings, liberated resources for reinvestment, and accelerated financial inclusion across Nigeria’s economy. Sterling Bank plans to leverage this success by enhancing SeaBaas’s capabilities to tackle future challenges, innovate financial systems, and showcase African innovation internationally. Suleiman further emphasized that this achievement highlights the potential of African innovation when boldness and courage are applied to its development.
Sterling Bank Limited, a full-service national commercial bank in Nigeria and a part of Sterling Financial Holdings Company, boasts a heritage exceeding 60 years. It has transitioned from a leading investment banking institution to a comprehensive provider of retail, commercial, and corporate banking services. Sterling Bank is characterized by its forward-thinking approach and commitment to transforming lives through innovative solutions, exceptional service, integrity, and its HEART strategy, focusing on Health, Education, Agriculture, Renewable Energy, and Transportation. As leaders in digital banking and financial inclusion, Sterling Bank continues to demonstrate how purpose-driven leadership can yield transformative results for individuals, businesses, and society. The bank remains dedicated to enhancing the banking experience for millions of customers in Nigeria, driven by a culture of innovation and a pursuit of excellence.
