Amazon Web Services (AWS) said on Tuesday that it will expand its payment flexibility to include support for the Egyptian Pound and Nigerian Naira.
The goal is simplifying customer transactions in these locations and lowering foreign exchange and regulatory costs.
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New payment options for local customers
AWS now accepts payments in eight local currencies. In addition to the newly added Naira (NGN) and Egyptian Pound (EGP), customers can also transact in Chilean Peso (CLP), Colombian Peso (COP), Uruguayan Peso (UYU), Polish Zloty (PLN), Romanian Leu (RON), and Ukrainian Hryvnia (UAH).
Andy Jassy, the founder of AWS, has emphasised the importance of localising payment experiences.
AWS stated, “Local currencies are important in localising the payment experience for customers. With payments in their local currencies, customers can avoid foreign exchange costs associated with making foreign currency payments”.
Nigerian startups and companies need this change, as US dollar cloud service costs are rising due to the naira’s depreciation.
AWS’s decision to support local currencies comes as competition from local cloud providers intensifies.
Companies like Nobus and Layer3 have positioned themselves as affordable alternatives by offering services priced in Naira, making AWS’s move a strategic response to maintain its market share.
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About AWS
Amazon Web Services (AWS) is a comprehensive cloud computing platform provided by Amazon and offers over 200 fully featured services globally. Launched in 2006, AWS delivers various solutions, including computing power, storage, databases, and networking, all on a pay-as-you-go basis.
This model allows businesses to scale their resources efficiently without upfront costs. AWS serves various sectors, including government, education, and private organisations, making it a versatile choice for diverse applications.
Its commitment to reliability and security has established AWS as a leader in the cloud services market, empowering companies to innovate and grow effectively.