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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.

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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 and 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.

Also Read: Understanding The Legal Implications Of Nigeria’s SEC Guidelines For Digital Assets Regulation

“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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