The tier-2 bank, valued at about ₦390.9 billion on the Nigerian Exchange, migrated from the widely used T24 system built by Switzerland-based Temenos AG in 2024. The move came during a wave of system upgrades across the sector, with rivals such as GTBank and Access Bank opting for Finacle, an Indian-developed platform.
Sterling’s transition was far from smooth at the start, as more than three million customers were unable to access banking services for days, triggering frustration across social media. But the lender says the long-term benefits have been significant.
Cost Savings and Local Innovation
Chief Executive Officer Abubakar Suleiman told journalists on Tuesday that the switch to SEABaaS has saved the bank millions of dollars in licensing and operating costs. “Transaction volumes are soaring while our acquisition—the number of new customers choosing Sterling—has broken records eight months in a row,” Suleiman said.
The platform was jointly developed by Bazara Tech Inc. and Peerless Technologies. Peerless said SEABaaS has delivered “over $10 million in operational savings” to institutions adopting the technology.
Rising Adoption
Beyond Sterling Bank, Peerless disclosed that more than five million end-users are now being served through SEABaaS-powered platforms. Its website lists The Alternative Bank and investment firm ARM among institutions using the solution.
The development comes as Nigerian banks face mounting pressure to cut costs and handle surging digital transaction volumes. According to industry estimates, commercial banks in the country typically spend at least $10 million annually on core banking applications, depending on system specifications.
For Sterling, the successful run of SEABaaS positions it as both a cost-saver and a competitive differentiator, while also highlighting a shift toward homegrown digital infrastructure in Nigeria’s banking industry.