Sterling Bank, a Nigerian financial institution valued at ₦115.16 billion, is expanding into technology solutions with SEABaaS, its new core banking application software. Designed to reduce dependency on costly foreign banking software, SEABaaS aims to offer Sterling the agility of a fintech, while also appealing to banks and fintech companies. SEABaaS was pitched to MTN’s Mobile Money arm, MoMo, and other Nigerian financial players, as the bank seeks to license its product to streamline costs and leverage a local solution.
Built in collaboration with Nigerian tech firms Bazara Tech Inc. and Peerless Technologies, SEABaaS might be an attractive choice for banks looking to localize costs, especially given the projected ₦80 billion in core banking software licensing fees expected for 2024. However, industry insiders suggest many banks may take a cautious approach, observing SEABaaS’s performance during end-of-year financial operations before making decisions.
With its innovative banking products and services, Sterling is positioning SEABaaS as an adaptable, fintech-friendly platform tailored to meet the demands of a fast-evolving financial sector.