Okra, a Nigerian open-banking startup, has officially launched Nebula, its new cloud infrastructure service, entering a growing local cloud provider market. This development positions Okra alongside other homegrown companies such as Nobus and Layer3, which offer more affordable alternatives to global cloud giants like Microsoft Azure and Amazon Web Services (AWS).
Okra’s CEO, Fara Ashiru, took to LinkedIn to highlight Nebula’s ability to process payments in Nigeria’s local currency, naira. “For too long, Africa has leaned on imported solutions, paying premiums for software and services,” Ashiru emphasized, hinting at the shift toward homegrown cloud solutions.
The launch of Nebula comes at a time when currency devaluation and tough economic conditions in Nigeria are forcing local businesses to reconsider their reliance on global cloud providers. With the naira’s depreciation, paying for cloud services in US dollars has become increasingly expensive. Nebula’s capacity to accept payments in naira is expected to appeal to businesses looking to mitigate their exposure to foreign exchange fluctuations.
Similar to competitors like Nobus, Galaxy, and Layer3, Okra’s Nebula aims to fill a gap for businesses seeking local cloud solutions. These companies are marketing their services as a cost-efficient alternative while also reducing Nigeria’s dependence on foreign exchange for tech services.
In fact, the local cloud sector is gaining significant traction. Earlier this year, TechCabal reported that five indigenous cloud providers were in discussions with state and federal government institutions, vying to be recognized as the preferred cloud providers for public services. This effort is aligned with the Nigerian government’s 2019 National Cloud Computing Policy, which promotes the use of local cloud service providers.
Okra’s move into cloud services signals an effort to diversify its revenue streams, especially as the company has discontinued several of its original open banking products. According to TechCabal, this shift into the cloud sector reflects changing demands in Nigeria’s tech landscape.
With cloud costs doubling over the past year due to the devaluation of the naira, Nigerian businesses are looking for practical alternatives to global cloud services like AWS, Azure, and Google Cloud. Local providers such as Nebula are not just offering competitive pricing but also supporting the country’s economy by reducing the pressure on foreign currency reserves.
As the demand for affordable and efficient cloud solutions continues to rise, Okra’s Nebula is poised to be a strong contender in Nigeria’s evolving cloud infrastructure space.
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