By Adedapo Adesanya
Some customers of Sterling Bank Limited still find it difficult to access their trapped funds as the lender migrated to what is believed to be the continent’s first-ever indigenous core banking solution called SeaBaaS.
Business Post learned from some customers that they were unable to access their funds after the bank started migrating to the solution, which the company in a statement said leverages advanced data analytics and artificial intelligence.
The system, according to the lender, promises to enhance customer experience and operational efficiency, providing smarter, faster financial services.
“I am still unable to access my money for over a week now, I am tired,” a customer of the bank told this newspaper.
“Hug a Sterling Bank user today! they are going through a lot,” another shared on X, formerly known as Twitter.
“I can’t even begin to talk about the damage Sterling Bank has caused my business this week alone and it’s crazier that I just migrated to the bank…,” another shared based on a cursory search.
This reporter also gathered that the bank locked its comment section on the popular social media platform to manage the social media outrage.
Meanwhile, the bank has lauded the move to migrate to the application, claiming SeaBaaS is the first fully developed core banking platform that is wholly built and owned by an African technology company.
Mr, Abubakar Suleiman, CEO of Sterling Bank, described the development as the start of a new revolution in Africa’s drive for economic self-sufficiency.
He noted that the intellectual property underpinning SeaBaas will be available to partners across the continent in the coming months.
For regulators, it ensures greater transparency, robust reporting, and compliance with evolving standards.
“Partnering with Peerless to create SeaBaaS is not just a milestone for us; it is a renewal of our resolve and ambition to remain a world-class organization. It is proof that African institutions can do great things that will make the world stand up and take notice of us,” said Suleiman.
“We are once again proving that the notion of Nigerian banking being one of the most technologically advanced is not just a myth, but a reality that is manifested in the quality of solutions we can develop, and services we can deliver to our customers.”
“For our customers, it offers faster transactions, enhanced security and innovative financial products tailored to their needs. For regulators, it ensures greater transparency, robust reporting and compliance with evolving standards.”
The tier-2 bank’s CEO acknowledged the challenges faced during the implementation, stating that implementation issues had been resolved, with the institution’s full bouquet of digital banking services being restored in phases for customers’ use.
According to him, “This successful deployment reminds us that nothing truly valuable comes without challenges. While this transition has tested our systems and patience, it also reinforced our commitment to innovation and excellence. We enter this new phase confident that the migration will deliver unmatched efficiency and transformative customer experiences.”
He also pointed out the financial implications of the migration, noting that African banks collectively spend hundreds of millions of dollars annually on foreign core banking systems, which exacerbates the continent’s trade balance issues.