Sterling Bank Limited, has made history by migrating to what is believed to be the continent’s first-ever indigenous core banking solution called SeaBaaS.

The implementation of SeaBaaS, developed by Peerless, according to a statement obtained by Nigeria CommunicationWeek, marks the completion of a new banking system announced to customers in August 2024.

This strategic move positions Nigeria as a leader in digital banking, driven by local talent and cutting-edge technology.

Leveraging 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.

Speaking on the achievement, Abubakar Suleiman, CEO of Sterling Bank, said SeaBaaS is the first fully developed core banking platform that is wholly built and owned by an African technology company.

He described the development as the start of a new revolution in Africa’s drive for economic self-sufficiency, noting 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.”

Suleiman explained that the transition to SeaBaaS represents many things to many people. “For the African banking industry, it is the continent’s first indigenously conceived and engineered core banking application, built and owned entirely by a Nigerian company, with every line of code, database configuration and interface proudly African, delivered by homegrown talent.

“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 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.

“The introduction of SeaBaaS not only sets a new benchmark for Nigerian financial services but also paves the way for a future where African institutions can reduce their technology costs, thereby enhancing financial inclusion, he said.

Sterling Bank’s migration to SeaBaaS adds to its history of being at the forefront of market-leading innovations. The bank pioneered Nigeria’s first contactless prepaid transport card (FarePay) and the first automated retail lending solution (Specta).

It has also partnered with state governments to deploy innovations like the first drone delivery system for pharmaceutical consumables with Zipline in Kaduna, and digitized medical records.

Konga’s Back-to-School campaign has been a game-changer for parents, students, teachers, and other stakeholders in Nigerian education.

Since its launch three weeks ago, the campaign—which offers necessary school supplies and educational tools at discounts of up to 80%—has given educators and families alike a lifeline.

In a time when many are feeling the pinch of the current economic climate, Konga’s Back-to-School campaign has stepped up to support Nigerian families in preparing for the new academic year.

Because of the back-to-school campaign, parents can now afford to buy everything their kids need for school, including tech devices, backpacks and stationery, without straining their finances.

At the core of Konga’s Back-to-School initiative is its commitment to empowering learners as they resume a new session. The deals provide a wide range of educational resources to make sure pupils are prepared for academic success.

Konga has addressed the diverse demands of all students, from nursery school pupils in need of new stationery to university students requiring laptops for their schoolwork.

Moreover, with the discounts offered during the campaign, more families can now afford high-quality products. This ensures that every learner, regardless of their financial situation, has the tools they need to thrive academically.

Konga’s Back-to-School campaign has also been a tremendous support for parents and educators. By offering substantial discounts on a wide range of products, Konga has made it easier for parents and educators to shop for what they need, while saving money.

Furthermore, Konga’s Back-to-School campaign is not just about school supplies; it aims to meet the broader needs of the educational community. The campaign has also featured deals on items like beauty, health and personal care products, electronics and fashion.

This ensures that students are not only academically prepared but also physically and mentally ready for the challenges of a new school year.

In addition, Konga has made it easy for shoppers to access these incredible deals through its user-friendly online platform. With just a few clicks, customers can browse, select, and purchase what they need, with the added convenience of nationwide delivery.

As the Konga Back-to-School campaign continues, it is evident that it has made a significant difference in the lives of many Nigerians.

For those who are yet to take advantage of these deals, there is still time to shop and save before the end of September. Visit Konga.com today and equip your kids with everything they need for a successful school year.

Africa stands at vital crossroads, balancing intricate geopolitical challenges while taking advantage of promising economic opportunities. With the Gulf Cooperation Council (GCC) announcing 73 Foreign Direct Investment (FDI) projects in Africa worth more than $53 billion in the last year alone, according to the World Economic Forum, and significant growth in technology, renewable energy, and healthcare sectors, across the continent, Africa is poised for remarkable progress.

In light of these developments, Allison, a globally renowned communications consultancy, and BHM, Africa’s leading public relations firm, are joining forces to co-host an exclusive breakfast event on the sidelines of the 79th United Nations General Assembly (UNGA79) in New York City.

The “Africa Breakfast Convos,” set for Friday 27 September 2024, at the World Trade Center, will convene business and public sector leaders from various African nations, representing key sectors such as telecommunications, finance, entertainment, government, technology, and trade.

With 70% of sub-Saharan Africa’s population under 30 and projections indicating that one-fifth of the global population will be African by 2030, the continent’s youthful demographics are drawing significant international attention.

This exclusive gathering aims to showcase Africa’s immense potential for economic growth and development while emphasising the continent’s role in achieving sustainable development goals.

The event will feature panel discussions, keynote speeches, and networking sessions exploring various aspects of the African narrative: big business, technology, pop culture, creative economy, soft power, and geopolitics. It will serve as a platform to highlight expertise and innovation on the continent.

Claudine Moore, Managing Director, Africa, at Allison, stated, “The ‘Africa Breakfast Convos’ represents a unique opportunity to bring together influential voices and decision-makers from across Africa and beyond.

“We’re excited to again facilitate meaningful dialogue during the United Nations General Assembly when Africa is a focus and we are collectively working towards collaboration driving sustainable growth and social impact across the continent.”

Femi Falodun, Executive Director, BHM, added, “This event underscores Africa’s position as a land of opportunity for investment and collaboration.

“By showcasing the continent’s dynamism and potential, we aim to foster partnerships that will contribute to shared prosperity and sustainable development.”

The “Africa Breakfast Convos” aligns with UNGA79’s theme while focusing on Africa’s potential as a driver of global progress.

“It emphasises the role of business in driving sustainable development, the importance of public-private partnerships, and the opportunities for collaboration with Africans in the diaspora.