Oracle, United States (US) technology firm, says it is well positioned to assist banks in Nigeria build world-class data centres needed to improve business flexibility. Tom Pegrume, Vice President, hardware sales for Middle East and Africa, Oracle Corporation made this known in Lagos while speaking with BusinessDay. Driven by regulatory pressure, banks are expected to build in data centres in-country. With the implementation of the International Financial Reporting Standard (IFRS) for banks in 2011, the Central Bank of Nigeria (CBN) had disclosed plans that required lenders to maintain independent servers within Nigeria to manage their critical and sensitive data.
“Oracle is really in a position to help them build data centres. Our strategy is to simplify IT and we do that by taking the complexity out. By taking the complexity out, we save money”, he said. The Oracle VP pointed out that the past few years have been challenging for banks, further adding that the Central Bank of Nigeria (CBN) has strictly enforced compliance, global standards around compliance, security as well as risk managment. “Banks recognise that Information Technology (IT) is indeed strategic to enable them to grow. In many ways, financial institutions have an opportunity to leapfrog because they have not invested so much since the past four years.”
Pegrume gave vivid insight into the company’s recent report entitled, “Oracle Next Generation Data Centre Index Cycle III”. He said that many organisation across EMEA are bringing their data back in-house after a year, which he added saw many turn to the short term support of external, third party providers. Cycle II of the research, released in January 2012, showed a marked move to the use of external data centre support, attributed to businesses being taken by surprise by a big data explosion. Cycle III reveals that firms are now reversing that trend and bringing their data back into in-house data centres, according to the research conducted by Quocirca.
This ‘big data bounce’, he said, is not only testimony to the increased value of data and the greater focus of business upon it, but also highlights the importance for businesses of being able to move data between public and private cloud as easily as possible. The report, according to him reveals that business people are realising that closely co-operating with IT can help companies respond faster to market demand, and innovate more.