Central Bank of Nigeria (CBN) is the chief regulatory agency for the Financial Services industry in Nigeria. Charged with the responsibility for setting the fiscal and monetary policies for the Nigerian economy, and with the recent charge from the Federal Government of Nigeria to grow the Non-Oil sector revenue mainly through its fiscal instruments; the CBN has recently embarked on consolidation of all remittances to Ministries, Departments & Agencies’ (MDA) accounts into a Treasury Single Account (TSA) solely managed by the CBN.

Introduction

  • The CBN and other institutions in the financial services industry are able to keep very sensitive financial data in-country protecting data sovereignty.
  • ISNG bills for its cloud services in naira; this protects businesses from the price fluctuations recently suffered by companies hosting services on platforms outside Nigeria. This is occasioned by the recently implemented floating foreign exchange rate regime.
  • ISNG provides top-notch enterprise grade security through its Cloud Outsourced Firewall service. By setting firewall rules & policies, data integrity is maintained for sensitive data hosted on ISNG’s platform.

Background Information

Central Bank of Nigeria (CBN) is the chief regulatory agency for the Financial Services industry in Nigeria. Charged with the responsibility for setting the fiscal and monetary policies for the Nigerian economy, and with the recent charge from the Federal Government of Nigeria to grow the Non-Oil sector revenue mainly through its fiscal instruments; the CBN has recently embarked on consolidation of all remittances to Ministries, Departments & Agencies’ (MDA) accounts into a Treasury Single Account (TSA) solely managed by the CBN.

To achieve this objective, the CBN requires an expansion of its compute and storage infrastructure to meet up with the deluge of online transactions while still keeping an eye on the financial indices for the economy – not least is the inflation and foreign exchange rates. This it plans to achieve in a cost-effective manner.

The CBN seeks a partner that can offer them a fully managed Infrastructure-as-a-Service (IaaS) solution. While this is cost efficient for them on the one hand; it also enables them focus on their core financial regulatory functions.

Solution

ISNG provided a two pronged solution to meet the CBN’s strategic IT objective through provision of Standard Virtual Machine for its compute requirements and Dedicated Leased Servers collocated in a Tier-III data-centre with provision of adequate cooling, security, 24/7 server monitoring as well as remote hands support when required. Implementation of an Outsourced Firewall (OSFW) at the perimeter networks ensures that financial data integrity is maintained – and this is a chief requirement for CBN.

In achieving the solution design; internet solutions helped with scoping the overall compute and storage requirement, as well as assisted throughout the data migration phase until eventual sign-off. With this solution, CBN does not need to increase its in-house data center with the accompanying overhead of providing and maintaining 24/7 power supply, cooling, security as well as keeping dedicated staff on their IT payroll.

The service level offered by ISNG for achieving the solution has endeared CBN to the services ISNG offers, to the extent that CBN now sees ISNG as a veritable partner in their cloud migration journey with its attendant cost and operational efficiencies.

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