Sterling Bank Limited has made history by migrating to SeaBaaS, Africa’s first indigenous core banking solution, developed by Peerless. This strategic move positions Nigeria as a leader in digital banking, driven by local talent and cutting-edge technology.

The implementation of SeaBaaS marks the completion of a new banking system announced to customers in August 2024.

Leveraging advanced data analytics and artificial intelligence, the system promises to enhance customer experience and operational efficiency, providing smarter, faster financial services.

Abubakar Suleiman, CEO of Sterling Bank, 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.

“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.

He 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.”

Suleiman 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.

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.

Unity Bank Plc has released its latest earnings forecast, projecting gross earnings of N27 billion and a Profit After Tax of N4 billion for Q4 2024. The lender expects a marginal increase in gross earnings from the N26 billion projected for Q3 2024, maintaining a profitable outlook with a pre-tax profit of N4.2 billion.

According to the forecast, interest income is expected to rise from N23 billion to N24.5 billion, with net revenue projected to increase by 1.0% to N7.2 billion. Net operating income is projected at N12 billion, while cash flow from financing activities is expected to rise to N481.4 billion, a 1.3% increase from Q3 2024.

The lender stated, “We expect to cover the milestones with a consistent optimistic outlook in our projection, barring any significant changes in the operating environment, under which the assumptions were made.”

Unity Bank also emphasized its commitment to delivering customer-centric products and services, especially in digital lending, following the roll-out of enhanced platforms and channels for improved customer experiences.

Analysts view the Q4 forecast as a reflection of steady growth, driven by key performance indicators and strategic repositioning to navigate challenging market conditions.

Ondo State Governor, Hon. Lucky Orimisan Aiyedatiwa, has flagged off the Orange Health Insurance Scheme (ORANGHIS) for the informal sector, aiming to provide affordable healthcare to artisans, traders, farmers, commercial transport workers, and private sector workers across the state.

At the launch, Governor Aiyedatiwa emphasized the importance of collective efforts to improve healthcare accessibility and affordability, stating, “Health is a fundamental human right and a critical indicator of human development.”

He expressed pride in launching the scheme, saying, “I am delighted that we have been able to create a sustainable source of funding that lowers the financial barriers to healthcare for our residents…

Our painstakingly conceptualized vision as an administration rightly accommodates qualitative and accessible healthcare delivery in order to fulfill the Sustainable Development Goals (SDGs) 3.8 that pointedly strive to achieve the global theme of Universal Health Coverage (UHC).”

The Governor encouraged participation in the scheme, stating, “I urge all political leaders, philanthropists, and individuals to enroll themselves and their communities in this life-changing program. Together, we can improve our health indices and ensure qualitative healthcare delivery across Ondo State.”

He also assured the people that his administration remains committed to upgrading the state’s healthcare infrastructure, including the ongoing construction of 250-bed hospitals in Akure and Ondo, recruitment of healthcare workers, and enhancement of doctors’ salaries.