SeaBaas: Revolutionizing African Finance with Homegrown Tech
Peerless’ SeaBaas platform is making waves in the African financial sector, proving that cutting-edge technology can be built locally. Launched in September 2024 as an alternative to costly and often ill-suited legacy core banking systems, SeaBaas has achieved remarkable success in its first year, processing over two billion transactions and saving financial institutions over $10 million in operational costs. Powering banks and pension funds, the platform already serves more than five million end users.
Challenging the Status Quo in Core Banking
For years, African financial institutions have been reliant on foreign-owned core banking software, systems often characterized by exorbitant licensing fees, costly foreign currency maintenance, and the need for expensive consultants. These platforms, often built on rigid, on-premise infrastructure, placed a significant financial burden on banks. SeaBaas was designed to address these challenges, offering a flexible, efficient, and cost-effective alternative tailored to the specific needs of the African market. Peerless’ success with SeaBaas underscores its core message: Africa is capable of developing world-class financial technology solutions that rival global offerings.
SeaBaas’ impressive performance in its first year signals a significant shift in the African financial landscape. By providing a robust, locally-developed solution, Peerless is empowering financial institutions to reduce costs, improve efficiency, and ultimately better serve their customers. This success story highlights the potential for African innovation to drive transformative change within the continent’s financial sector.
Keywords
Related Keywords: SeaBaas, transaction processing, cost savings, operations optimization, financial technology, fintech, high volume transactions, cloud based banking, banking as a service, SeaBaas case study
