Okra, a Nigerian open-banking startup, has ventured into the cloud infrastructure space with Nebula, a cloud service positioned as an affordable alternative to international giants like AWS and Azure. Following the footsteps of other local providers like Nobus and Layer3, Nebula’s key selling point is its acceptance of payments in local currency (naira), appealing to businesses looking to reduce dollar exposure amid Nigeria’s currency devaluation.

Key Highlights:

• Naira payments for cloud services provide an attractive option for businesses facing increased costs due to Naira devaluation.
• The 2019 National Cloud Computing Policy encourages Nigerian government agencies to use local cloud providers, potentially benefiting Okra and its peers.
• With the launch of Nebula, Okra aims to expand its revenue streams beyond its open-banking roots, responding to softer demand for its original services.

As cloud costs rise due to the volatile exchange rate, Okra and its local competitors are hoping to capture market share by offering cost-effective, homegrown cloud solutions, potentially easing the forex burden on Nigerian companies.

Takeaway:

With Nigeria's cloud market evolving, Okra’s Nebula is set to compete with international giants by offering a localized, affordable alternative, a move that could transform the cloud infrastructure landscape for African businesses. 🌐💼

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