Peerless, a modern enterprise technology company, has officially announced the launch of SeaBaas Lite. This core banking solution is built to support the digital transformation of microfinance institutions (MFIs) and fintechs across Africa.
The product represents a standardized version of the company’s flagship SeaBaas core, designed for rapid deployment and operational efficiency.
The Nigerian financial sector currently faces significant infrastructure hurdles. High capital expenditure on hardware, foreign exchange volatility affecting software maintenance, and the complexity of local regulatory compliance have created barriers for many institutions.
SeaBaas Lite addresses these challenges by offering a cloud-native platform hosted on Huawei Cloud with local data residency. This ensures that Nigerian financial data stays within the country, meeting the requirements of the Central Bank of Nigeria (CBN) and the Nigeria Data Protection Regulation (NDPR).
SeaBaas Lite is built on an API-first modern core. This technical foundation allows for seamless integration with external channels, facilitating automatic verifications and faster customer onboarding. By removing the need for manual data entry and disjointed verification processes, institutions can reduce their transaction processing time by 60%.
The platform also solves a major pain point for compliance officers through built-in regulatory reporting templates. These templates are pre-mapped to local requirements, allowing banks to generate reports for regulators with a single click. This automation reduces the risk of manual errors and the potential for regulatory fines.
Data is a central component of the new offering. SeaBaas Lite provides robust analytics that give banks rich insights into customer behavior. These data-driven tools help institutions move beyond simple record-keeping to identify new revenue opportunities and improve credit scoring models.
“Peerless is on a mission to remove the high barriers of entry that have historically held back African financial institutions,” says Dr. Joachim Adenusi, Co-Founder and CEO of Peerless. “SeaBaas Lite gives MFBs and regional banks access to world-class infrastructure without the heavy price tag of legacy systems. We believe every institution deserves a core that supports growth instead of hindering it.”
Support remains a key differentiator for Peerless. Unlike global competitors that often manage support from different time zones, Peerless maintains a top-quality technical and customer support team based in Lagos. This proximity allows for one-hour response times and a deeper understanding of local integration rails and network conditions.
The track record of the SeaBaas infrastructure is substantial. The platform has served over 12 million end users and processed more than 4 billion transactions. These operations have led to over $30 million in operational savings for Peerless customers. The system maintains a 99.99% availability rate, providing stability even during peak transaction periods.
Olumide Odeyemi, Marketing & Growth Manager at Peerless, notes that the transition from traditional hardware ownership to cloud access is a necessity in the current economic climate. “The cost of maintaining rigid legacy systems consumes budgets that should go toward innovation. SeaBaas Lite moves these costs from a heavy upfront investment to a predictable operational expense.”
SeaBaas Lite is now open for subscription. Interested institutions can visit https://bepeerless.co/product/seabaaslite to learn more about the platform’s capabilities and the 30-day deployment promise.
About Peerless
Peerless is a modern enterprise technology company purpose-built to support the digital transformation of institutions in emerging markets. With offices in Nigeria and the UAE, Peerless provides core digital infrastructure including core banking software, business process automation, and customer relationship management tools.