An open-banking startup in Nigeria has introduced Nebula, a cloud infrastructure product, adding to the selection of local cloud providers like Nobus and Layer3. These providers position themselves as more cost-effective options compared to global giants like Azure and AWS.
The company’s CEO highlighted the importance of utilizing local solutions to avoid overpaying for imported software and services. Nebula allows customers to pay for cloud services in local currency, which is particularly appealing given the current economic challenges in Nigeria.
Local cloud companies are gaining traction as Nigerian businesses seek alternatives to global providers due to currency devaluation and rising costs. Some local cloud providers are in discussions with government institutions to become their preferred cloud service providers, leveraging the National Cloud Computing Policy of 2019.
For Okra, entering the cloud business is seen as a strategic move to diversify revenue streams. The company’s shift from open banking to cloud hosting reflects a response to changing market demands.
Local cloud providers emphasize not only cost savings but also the reduction of forex burdens for Nigerian businesses, as many companies currently rely on international cloud services charged in dollars.
As the naira continues to depreciate against the dollar, local cloud service providers like Okra, Nobus, and Layer3 are becoming increasingly popular choices for companies looking to manage costs effectively.