In a significant stride towards digital transformation, Sterling Bank has recently launched its high-tech core banking system, SeaBaaS.
This innovative solution, developed by Peerless in partnership with Nigerian tech companies, including Revent Technologies, marks a pivotal moment in Nigeria and Africa’s banking industry.
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 functionalities, including transaction processing, account management, loan application, digital banking capabilities, enhanced security measures, and streamlined banking processes.
Speaking with Babatola Awe, the CEO and CTO of Revent Technologies, a leading software engineering firm, 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 ground-breaking collaboration.”
“Sterling Bank’s visionary leaders, Abubakar Suleiman, the CEO and Olayinka Oni, the Executive Director, have demonstrated exceptional leadership by spearheading 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 embracing forward-thinking technologies, Sterling Bank is demonstrating its commitment to innovation and customer satisfaction. SeaBaaS empowers the bank to provide seamless and efficient services to its customers, while also strengthening its position in the market.
“By building homegrown solutions like SeaBaaS, Nigerian and African banks can break free from costly dependence on foreign solutions. This leading-edge core banking system, developed by Indigenous talents, 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. Additionally, the core banking solution offers greater flexibility and scalability, allowing banks to adapt to changing market conditions and serve customers better.
Oluchukwu Adumije, SVP and Head of Engineering at Revent Technologies added, “SeaBaaS is a significant milestone for the Nigerian and African tech industry. It demonstrates the ability of local talents to develop world-class solutions that can compete on the global scale.”
Sterling Bank’s investment in technology solutions such as this stimulates economic growth and job creation. By supporting homegrown tech companies, banks contribute to the development of a vibrant and inventive tech ecosystem. This fosters knowledge transfer, skills development, and the emergence of new startups and businesses.