Afrigather Sterling Financial institution, a tier-2 Nigerian financial institution with a market capitalization of ₦115.16 billion, is migrating to SEABaaS, a brand new custom-built core banking software. The migration, which started on August 30, has left its over 3 million prospects unable to make use of any of Sterling’s banking channels. Lots of these prospects have shared their complaints on social media platforms.
“I’ve been unable to open the One Financial institution app for over 5 days,” a Sterling Financial institution buyer who requested to not be named advised TechCabal.
Whereas the financial institution notified prospects about potential service disruptions because of the improve, it didn’t present specifics.
“A core banking software is a important device for all monetary establishments, so an improve of this nature is a giant deal,” mentioned a software program skilled at a Nigerian financial institution who requested to not be named.
Constructing these methods is time-consuming, costly, and dangerous. A botched system improve at Royal Financial institution of Scotland (RBS) in 2012 left over 6 million prospects unable to entry their accounts. The financial institution was later fined £56m by regulators.
SEABaaS, its new software program, was constructed to Sterling Financial institution’s specification, three folks with data of the matter advised TechCabal. A Google search reveals that SEABaaS can also be a product by Bazara Tech Inc., a Nigerian software program firm, suggesting that they could have developed the brand new software program.
In accordance with Bazara Tech Inc. ’s web site, “SEABaaS is a future-proof, platform-agnostic core banking SaaS resolution designed to raise consumer expertise for enterprise prospects. Its structure options microservices, APIs, hybrid cloud, and multi-cloud. It additionally spans a unified 360-degree buyer view, AI and machine Studying capabilities, and intuitive consumer interfaces.”
Bazara Tech Inc. didn’t instantly reply to a request for feedback.
Sterling Financial institution beforehand used Temenos T24, a banking software program utilized by Keystone Financial institution and the Central Financial institution of Nigeria. Finacle is one other standard core banking software program choice First Financial institution, Stanbic IBTC, UBA, and FCMB use.
Altering its banking software could possibly be pushed by price concerns, difficulties in integrating with current legacy methods, or makes an attempt to keep away from vendor lock-in.
Sterling Financial institution didn’t reply to a request for feedback.
Sterling Financial institution will share particulars of the brand new banking software program and migration course of subsequent week after it solves the present downtime, two folks with data of the method mentioned. The financial institution considers the event of its {custom} banking software program a significant transfer in Nigerian banking, the identical folks mentioned.
Earlier than that grand rollout to the press, it might want to pacify prospects, lots of whom might nonetheless not use the One Financial institution app on the time of this report, in order to not soar ship whereas it continues its migration.
