Amazon Web Services (AWS) has added the Nigerian Naira and several other currencies to its payment catalogue, a move aimed at simplifying financial transactions for businesses.

This development is part of a broader initiative by AWS to incorporate eight new local currencies.

In a recent press statement, the company emphasized that payments in local currencies mitigate the additional costs associated with exchanging foreign currencies, easing the financial burden on businesses in Nigeria.

This change is particularly significant for Nigerian startups and SMEs, which have historically faced challenges related to currency conversion, such as fluctuating exchange rates and extra banking fees.

According to AWS, by allowing payments in Naira, businesses can concentrate on innovation rather than financial logistics.

The timing of this announcement aligns with Nigeria's evolving economic landscape, following the Central Bank’s adoption of a floating exchange rate regime that has led to a substantial devaluation of the Naira.

As operational costs for foreign-priced services have surged, many companies have turned to local cloud providers. AWS’s acceptance of Naira payments not only meets this demand but also reinforces its commitment to supporting the local tech ecosystem.

AWS is not alone in recognising the importance of localised payment solutions; other global companies are implementing similar strategies. For example, Flutterwave now allows merchants to accept American Express payments, while Fidelity Bank has partnered with Mastercard to enhance cross-border payment capabilities.

Aside from the Naira payment features, AWS detailed that customers in the US can also now transact in Chilean Peso (CLP), Colombian Peso (COP), and Uruguayan Peso (UYU), while European users can pay using the Egyptian Pound (EGP), Nigerian Naira (NGN), Polish Zloty (PLN), Romanian Leu (RON), and Ukrainian Hryvnia (UAH).