Sterling Bank, a tier-2 Nigerian bank with a market capitalization of ?115.16 billion, is migrating to SEABaaS, a new custom-built core banking application. The migration, which began on August 30, has left its over 3 million customers unable to use any of Sterlings banking channels. Many of those customers have shared their complaints on social media platforms.
Ive been unable to open the One Bank app for over five days, a Sterling Bank customer who asked not to be named told TechCabal.
While the bank notified customers about possible service disruptions due to the upgrade, it did not provide specifics.
A core banking application is a critical tool for all financial institutions, so an upgrade of this nature is a big deal, said a software expert at a Nigerian bank who asked not to be named.
Building these systems is time-consuming, expensive, and risky. A botched system upgrade at Royal Bank of Scotland (RBS) in 2012 left over 6 million customers unable to access their accounts. The bank was later fined 56m by regulators.
