Okra, a Nigerian open-banking startup, has launched Nebula, its new cloud infrastructure product. With this move, Okra joins the growing ranks of homegrown cloud providers like Nobus and Layer3.
This has also positioned itself as an affordable alternative to international cloud leaders like Microsoft Azure and AWS.
Fara Ashiru, Okra’s CEO, mentioned the significance of this step in a LinkedIn post, saying, “For too long, Africa has leaned on imported solutions, paying premiums for software and services.” She noted that Nebula’s ability to accept payments in naira is a crucial selling point, especially as companies in Nigeria are working to reduce their reliance on foreign currencies.
The launch of Nebula came when cloud costs in Nigeria skyrocketed, driven by the devaluation of the naira. Many businesses rely on international platforms like AWS and Google Cloud, which charge in U.S. dollars. As a result, local cloud providers like Nebula are stepping in with more affordable solutions, offering a way to manage costs while reducing the country’s foreign exchange burden.
For Okra, this shift into the cloud space represents a strategic move to diversify its business. Originally an open-banking platform, the company has already discontinued several of its initial products, signaling a shift to meet new demands in the tech ecosystem.
Nebula is expected to help Okra tap into a growing market as businesses seek more cost-effective and local cloud solutions.
