FinTech NGR and Huawei Cloud relaunched their joint Nigerian FinTech Cloud Adoption White Paper during the Nigeria Fintech Week, in Lagos yesterday. For the Nigeria Fintech industry, this is a significant milestone as the White paper articulates the modalities for cloud adoption for the industry.. The paper focuses on the digitalization of the African continent and aims to provide a platform for accelerated growth and innovation in the Nigerian FinTech sector. The document examines six segments within the industry, including payments, mobile money, digital banking, lending, savings, investment, crowdfunding, enterprise services, cryptocurrency, and InsurTech.
Cloud computing is highlighted as a key enabler for innovation, efficiency, security, and reliability in FinTech. The paper addresses the challenges impeding the rapid adoption of cloud services in the industry, emphasizing four key aspects:
1. Regulatory Compliance: Ensuring FinTech enterprises on Huawei Cloud comply with international and local laws and regulations.
2. Cloud Security: Presenting a comprehensive security framework to ensure robust security measures for cloud migration.
3. Cloud Native Infrastructure: Emphasizing the importance of a cloud-native infrastructure and distributed FinTech architecture.
4. Operational Costs: Offering a thorough analysis of cloud operational costs based on a cloud architecture.
The paper serves as a comprehensive analysis of the current state, requirements, and challenges of the Nigerian FinTech industry, providing practical solutions through cloudification. It assists small- and medium-sized enterprises in migrating to, utilizing, and managing the cloud effectively, with the goal of facilitating accelerated cloud-based transformation within the FinTech sector.
The collaboration between FinTech NGR and Huawei Cloud aims to contribute to the economic recovery and development of Nigeria, particularly in light of the COVID-19 pandemic’s impact on the economy.
FinTech NGR is the premier national FinTech Association in Africa, while Huawei Cloud is a leading global provider of information and communications technology (ICT) infrastructure and smart devices. The partnership reflects the growing international recognition and consumer acceptance of Nigerian FinTech solutions, fostering stronger synergies between FinTech startups and established enterprises.
The white paper provides valuable insights and guidelines for the Nigerian FinTech industry, helping it to embrace cloud-based solutions and drive digital transformation.
