African regulators urged to allow cloud tech in financial services

African regulators have to support and approve the use of cloud technology within the financial sector, says a new industry report.

The study, Cloud Banking in Africa: The Regulatory Opportunity, by Genesis Analytics and Orange Business Services, says cloud computing has the potential to unlock value in financial services through reducing costs.

It urges regulators to follow global trends in the use of cloud technology within the financial sector, saying cloud computing creates an opportunity for service providers to rethink their technology spend and significantly reduce costs.