Sterling Bank’s SeaBaaS: A testament to Nigeria and Africa’s technological prowess

In a significant step towards digital transformation, Sterling Bank recently launched its high-tech core banking system, SeaBaaS.

This innovative solution, developed by Peerless in partnership with Nigerian technology companies including Revent Technologies, marks a pivotal moment in the banking industry in Nigeria and Africa.

SeaBaaS is a robust core banking solution designed to meet the evolving needs of the modern banking industry. It offers a wide range of features and functionality, including transaction processing, account management, loan application, digital banking capabilities, enhanced security measures and simplified banking processes.

Speaking to Babatola Awe, CEO and CTO of Revent Technologies, a leading software engineering firm, he says his team took part in the development of SeaBaaS. “We are incredibly proud to have been part of the development team that brought SeaBaaS to life. This project is a testament to the power of innovative collaboration.”

“Sterling Bank’s visionary leaders, Abubakar Suleiman, CEO and Olayinka Oni, Executive Director, have demonstrated exceptional leadership in leading the development of SeaBaaS. By investing in local talent and partnering with Nigerian tech companies, Sterling Bank has not only empowered the Nigerian tech ecosystem, but also contributed to the growth of the African tech industry,” says Babatola.

He further states that by adopting advanced technologies, Sterling Bank demonstrates its commitment to innovation and customer satisfaction. SeaBaaS empowers the bank to provide seamless and efficient services to its customers while strengthening its market position.

“By building local solutions like SeaBaaS, Nigerian and African banks can free themselves from costly dependence on foreign solutions. This state-of-the-art banking system developed by indigenous talent offers a compelling alternative,” added Akintayo Okekunle, CFO and Chief Growth Officer at Revent Technologies.

One of the key benefits of SeaBaaS is its ability to reduce costs and improve operational efficiency. In addition, the core banking solution provides greater flexibility and scalability, allowing banks to adapt to changing market conditions and better serve customers.

Oluchukwu Adumije, SVP and Head of Engineering at Revent Technologies added: “SeaBaaS is a significant milestone for the technology industry in Nigeria and Africa. It demonstrates the ability of local talent to develop world-class solutions that can compete on a global scale.”

Sterling Bank’s investment in technology solutions like this drive economic growth and job creation. By supporting domestic technology companies, banks contribute to the development of a vibrant and inventive technology ecosystem. This encourages knowledge transfer, skills development and the emergence of new startups and businesses.