Peerless, a Nigerian enterprise technology company, has announced that its flagship core banking application, SeaBaaS, has successfully completed its first year of live deployment, marking a significant milestone for the nation’s financial services ecosystem.
In just twelve months, the platform has processed over 2 billion transactions, served more than 5 million end-users, and delivered over $10 million in operational savings to its clients, which include industry leaders like Sterling Bank and ARM Pensions.
The anniversary positions SeaBaaS as a formidable homegrown solution in a market historically dominated by legacy international software providers. The platform’s performance underscores a growing trend of African-built technology setting new standards for the continent’s financial services sector
“Our philosophy was clear: design a core banking application built for Africa’s unique market realities, and prove it at Tier-1 scale,” said Dr. Joachim Adenusi, CEO of Peerless. “A year later, SeaBaas is steadily enabling growth, resilience, and compliance for institutions determined to combine the agility of modern technologies with the stability of established incumbents.”
A Year of Significant Impact
Since its initial deployment at Sterling Bank in September 2024, SeaBaaS has demonstrated impressive performance and adoption metrics. According to the company’s one-year review article, the platform’s key achievements include:
- Massive Transaction Volume: Over 2 billion transactions have been processed through the platform in the last 12 months.
- Rapid User Growth: The number of end-users served by SeaBaaS-powered platforms grew by an incredible 150%, now totaling over 5 million.
- Client Success: Financial institutions using SeaBaaS have seen an average growth of 101.67% in their customer balances.
- Operational Efficiency: Clients experienced a 60% reduction in transaction processing time, leading to better cash visibility and more predictable liquidity management.
- Proven Resilience: The system has maintained zero downtime, ensuring stability for critical banking operations.
- Strong Market Traction: Beyond its anchor clients, Peerless reports a qualified pipeline of over 30 institutions considering a move to SeaBaaS.
“These are not just numbers,” said Peerless’ Chief Technology Officer, Charles Ilo. “They reflect proof that we are on the right track. The first year has proven that the core can be configurable, modular, and secure without slowing teams down, so customers ship changes faster and operate with greater confidence. Now, we are ready to take things a notch higher with SeaBaas 2.0”
What This Means for the Financial Industry
The success of SeaBaaS points to a paradigm shift in how African financial institutions approach their core technology. While switching a core banking system is a significant undertaking, the benefits of a modern, API-first architecture are proving compelling. The platform allows banks and fintechs to roll out new products with the agility of a software update rather than a multi-year migration project.
A spokesperson for Peerless noted that the platform’s design directly addresses the high Total Cost of Ownership (TCO) associated with legacy systems. The over $10 million in savings delivered to customers highlights the platform’s efficiency, which the company states is “present now,” not a future promise.
A Homegrown Solution Taking on Global Giants
SeaBaaS holds the unique distinction of being the first modern core banking solution built and deployed from Africa to power top-tier financial institutions. The company emphasizes that its platform is designed with the realities of African markets in mind, including mobile-first behaviors and specific regulatory demands. Built on a composable, cloud-native, and API-first architecture, the system is engineered for security and is 100% compliant with CBN and global standards.
What’s next: Pan-African scale and talent bets
Peerless says Year 2 will prioritise measured scale. Peerless has set an ambitious target to serve over 10 organizations in its second year.
The company’s vision also extends beyond Nigeria. While Peerless already has a business presence in Dubai, the company has active plans for a regional rollout across West and East Africa. This expansion is coupled with a commitment to investing in and fostering local tech talent across the continent.
“The platform has proven the technical thesis,” Mustapha Otaru, Peerless Executive Director and Chief Commercial Officer, added. “Year 2 is about scaling customer value, not just customer count. We’ll stay fanatical about reliability and compliance while giving our clients the tools to ship faster.”
The bottom line
SeaBaas’ first-year results suggest a credible path for African institutions seeking modern core capability without multi-year disruption. If SeaBaas sustains its 100% availability, keeps economics trending in the right direction, and executes on Pan-African expansion, the platform could become a reference architecture for banks and fintechs balancing growth with governance.
About Peerless: Peerless is a modern enterprise technology company headquartered in Nigeria and focused on digital transformation for institutions in emerging markets. Its B2B software suite includes SeaBaas (core banking), Kusala (business process automation), Xplorer (CRM), and Mizan (Islamic core banking). The company’s mission is to give businesses the competitive edge to be truly peerless.
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