Wednesday, 27th September 2023

Huawei, FinTechNGR release white paper on cloud adoption in Nigeria

By Azeezat Adekola
01 June 2023   |   4:10 am
Huawei, a global ICT service provider, and FinTech Association of Nigeria (FinTechNGR) have published a white paper on the adoption of financial technology and cloud services in the country.

(FILES) This file photo taken on July 12, 2022 shows the logo of the Huawei flagship store in Shenzhen, in China’s southern Guangdong province. – Chinese telecom giant Huawei made 301.6 billion yuan (44.8 billion USD) in revenue in the first half of 2022, down 6.2 percent on the previous year as the Covid-19 pandemic and US-China trade rivalry hit sales, company figures showed on August 12, 2022. (Photo by Jade GAO / AFP)

Huawei, a global ICT service provider, and FinTech Association of Nigeria (FinTechNGR) have published a white paper on the adoption of financial technology and cloud services in the country.

The white paper – ‘Nigerian FinTech’s Cloud Adoption’ – centres on Huawei deployment of cloud services and operation in the fintech industry and how to guide businesses adopting cloud services.

Vice President of Huawei Cloud Nigeria, Paul Adigu, at the launch in Lagos, noted that innovation and stability were the major driving factors in the nation’s fintech space assured that the company was resilient in addressing the visible challenges in the industry through cutting-edge technology and innovative solutions available in its cloud services.

“Nigerian finTech’s cloud adoption White paper analysed the current situation, requirements and challenges of the fintech industry and how to solve these challenges through cloudification. The cloud adoption framework provides guidance for small- and medium-sized enterprises to migrate to the cloud, use and manage it while supporting fintech to accelerate cloud-based transformation,” he said.

He added that all necessary planning and infrastructure have been put in place to achieve their goal, saying: “We have rolled out notable global infrastructures that cut across storage, cloud computing and networking. As a leading provider of cloud services across the world, we are intensifying our efforts at deepening penetration and promoting the adoption of cloud services for businesses in Nigeria, especially fintechs.

“We want to ensure affordability of cloud migration, security resilience and provide a higher speed of cloud interaction on their platforms.”

Vice President of FinTechNGR, Stanley Jacob, said the partnership was necessitated by the desire to create sustainable ideas for fintech in the country and to step up the advocacy for the adoption of cloud technology with a particular focus on the Nigerian market.

Jacob who was represented by the Assistant General Manager (Project and Relationships), Seun Folorunsho, commended the partnership. He highlighted the prospects of cloud Nigeria and how Huawei can help simplify and lessen the cost of migrating to the cloud while extending several other professional services in that space.

“When thinking about cloud adoption in the FinTech industry, four aspects to consider include regulatory compliance, cloud security, cloud native, and operational costs and we can assure our users of satisfaction in these areas.”

He however noted that the industry needed more work in terms of regulations.

“We are equally working with regulators like the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), the National Information Development Agency (NITDA) and others to ensure our operations are in line with regulations while also providing them with data intelligence to understand the ecosystem better,” he explained.

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