Nigerian fintech startup Okra has introduced Nebula, a cloud service designed to cater to the specific needs of local businesses. The launch comes at a time when many Nigerian companies are grappling with rising costs due to the depreciation of the naira and the dominance of foreign cloud providers.
CEO Fara Ashiru emphasized the importance of supporting local innovation in a recent LinkedIn post. “For too long, Africa has relied on imported solutions,” she noted, highlighting Nebula’s unique feature of accepting payments in naira. This positions Nebula competitively against local rivals like Layer3, particularly in the current economic climate.
Nebula’s launch is a timely response to the growing demand for cost-effective and reliable cloud solutions among Nigerian businesses. By offering a homegrown alternative, Okra aims to reduce the financial burden on companies that are struggling to cope with the rising costs of foreign cloud services.
Okra’s entry into the cloud sector is aligned with the broader trend of Nigerian tech firms seeking to capture market share from global providers. This move is further supported by the National Cloud Computing Policy, which encourages government agencies to prioritize local cloud service providers.
For Okra, the introduction of Nebula is expected to help it expand its revenue streams and offset potential losses from its open banking business. The company has previously secured significant investments from TLcom Capital to support its growth.
To facilitate the transition for businesses, Okra is offering free credits through its scale-up program. This allows companies to test Nebula without any financial commitment.
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