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Moving Towards an All-Flash Data Centre in the Intelligent Age

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Data Centre - Investors King

Explosive data has become the core means of production and the catalyst for the digital economy. In the next five to 10 years, the amount of data to be stored will increase from 32 ZB in 2018 to 180 ZB by 2025. This data explosion will further drive the maturity of the data value chain and propel enterprises’ decision-making and innovation.

We are at the dawn of an Intelligent Era, and data centre operators need to rise to the challenge. To take one example, when building new data centres, they should evaluate all-flash options. Let’s take a look at some of the best practices that they should consider.

Four major challenges facing the reconstruction of next-gen data centres

Data centres are responsible for centralised storage, computing, and the exchange of data resources. In light of explosive data growth, diverse data types, and the ever-increasing importance of it, data centres face four major challenges.

First, the in-depth digital transformation of enterprises causes huge numbers of offline services to go online, and innovative services to emerge one after another. This is exemplified by the financial sector, where the transactions per second of large banks are increasing exponentially as a result of ecommerce and mobile payments.

Second, data centres have become a major power consumer. Currently, the total global power consumption of data centres is around 2% to 3% of the annual world power consumption. High energy consumption results in high electricity costs and carbon emissions. According to the United Nations Environment Programme, global emissions must fall by 7.6% per year for the next decade to meet the goal of limiting global temperature rise to 1.5°C. The European Union has also pledged to achieve net-zero carbon emissions by 2050. Under overwhelming environmental pressures, it’s imperative to save energy and reduce emissions.

In addition, many enterprises suffer huge economic losses and social impacts due to data loss and service disruption each year, which results in an estimated 8% fall in revenue. In the financial industry, where data is the lifeblood of business, the loss caused by system downtime reaches up to $6.48 million per hour.

Finally, O&M (operations and maintenance) efficiency is one of the core factors in the development of data centres. This is made difficult by a large number of devices and interfaces from multiple vendors affecting the ability of organisations to locate faults and respond to service requests. Over the next five years, the amount of data maintained per capita will increase fivefold, which will further increase the difficulty of O&M and labour costs.

Therefore, how to build a green, reliable, and intelligent all-flash data centre becomes a major challenge for future sustainable development.

Three important construction considerations for designing All-Flash data centres

Building an all-flash data centre requires a comprehensive upgrade of the media, and also the integration of data centre resources and architecture reconstruction, in order to meet diverse future service requirements.

Specifically, this includes all-flash upgrade for multiple types of data and service scenarios, all-IP reconstruction for data centre networks, and full-lifecycle intelligent O&M for the entire data centre. The multi-layer all-flash solution helps build a greener data centre with higher efficiency and availability, more intelligent O&M, lower TCO, and zero network bottleneck.

1. All-scenario Flash fast-tracks your services

All-scenario media flash indicates that diverse types of workloads are stored in flash media, for example, HDDs are replaced by SSDs in various scenarios, such as enterprise core systems, HPC, video, and disaster recovery. This helps reduce costs and improve efficiency. Offering the same capacity, SSDs reduce power consumption by 70% and space occupation by 50%. This slashes the total cost of ownership (TCO) of data centres and helps them go carbon neutral. In addition, the system performance of SSDs is 40x higher than that of HDDs. High-performance SSDs become an ideal choice in peak-time scenarios.

Services require high-end storage to undertake more missions, which is another inevitable trend in the development of all-flash data centres. Last but not least, all-scenario flash is characterised by comprehensive data protection. Faster disaster recovery, higher use frequency of copies, and longer retention are in high demand.

2. All-IP data centre network unlocks the potential of Flash

All-scenario flash drives the transformation of data centre networks while NVMe maximizes the value of SSDs. Therefore, faster media and protocols call for faster networks. That brings us to the NVMe over Fabric (NVME-oF) storage network. NVMe-oF uses the IP network to innovate and upgrade the previous dedicated network, achieving higher bandwidth and lower latency. It is also easy to manage using the IP network, which is the optimal solution for implementing end-to-end NVMe. NVMe-oF solutions are currently trending in the industry.

Thanks to continuous R&D in the network and storage fields, Huawei has improved the reliability, performance, and ease-of-use of the mainstream standard NVMe-oF, as exemplified by the company’s NoF+ Solution with intelligent lossless network for Huawei OceanStor. This helps push the development of the storage network to the next level.

Enhanced reliability: Enables proactive notification, rather than passive response, identifies congestion and faults in advance, and works with OceanStor storage to implement failover within seconds.

Enhanced performance: Changes the traditional static watermark mode and optimises the network prediction capability using algorithms, further unleashing the powerful performance of Huawei OceanStor all-flash storage.

Plug-and-play solution: Implements one-click capacity expansion and automatic management and enhances ease of use in future construction.

3. Intelligent O&M platform improves full-lifecycle O&M efficiency

All-flash data centres must deliver full-lifecycle intelligent O&M to implement automation and intelligence in planning, deployment, O&M, and optimisation. In the planning phase, resources are precisely planned, and the focus has shifted from device upgrade to full-lifecycle data management. In the deployment phase, global resources are automatically provisioned. In the O&M phase, full-stack intelligent O&M is implemented to change reactive inspection to proactive discovery. In the optimisation phase, agile configuration optimisation and automatic resource prediction and change are implemented. The optimisation is performed using intelligent algorithms instead of expert experience.

Conclusion

Huawei’s all-flash data centre solution (https://bit.ly/3ySD2jS), which includes OceanStor all-flash storage, OceanProtect data protection, NoF+ storage network, and DME full-lifecycle intelligent O&M, provides an effective way to build a future green and energy-efficient all-flash data centre. It has been widely used in core service systems of various industries, such as finance, carriers, healthcare, and manufacturing, to better mine enterprise data value and accelerate the digital transformation journey. Along the way, emerging modern all-flash data centres are sure to achieve great things while pushing social and economic production to new heights.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Fintech

Flutterwave Hit by Another Security Breach, Billions of Naira Diverted to Multiple Bank Accounts

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Flutterwave - Investors King

In another blow to the financial technology sector, Flutterwave, a prominent player in Nigeria’s digital payment landscape, has been rocked by yet another security breach, resulting in the diversion of billions of naira to multiple undisclosed bank accounts.

This incident is the latest in a series of setbacks for the fintech company, raising concerns about the integrity of its systems and the safety of customer funds.

According to insider sources familiar with the matter, unauthorized transactions amounting to approximately ₦11 billion ($7 million) were illicitly transferred to several accounts during April 2024.

However, other sources suggest the figure could be as high as ₦20 billion ($13.5 million), underscoring the magnitude of the breach.

Flutterwave, responding to inquiries regarding the breach, acknowledged the unauthorized activities but stopped short of confirming the exact amount involved.

In a statement to TechCabal, the company assured the public that no customer funds were lost or compromised, and the confidentiality of customer data remained intact.

The modus operandi of the perpetrators involved transferring the stolen funds to various accounts across five financial institutions over a span of four days.

To evade detection, the transactions were carefully orchestrated to stay below thresholds that trigger fraud checks, highlighting the sophistication of the operation.

Law enforcement agencies have been notified of the breach, and investigations are underway to apprehend those responsible.

Flutterwave has also initiated measures to mitigate the impact of the incident, including temporarily restricting the accounts implicated in the unauthorized transfers.

Industry analysts note that this is not the first time Flutterwave has fallen victim to such security breaches. Over the past fourteen months, the company has grappled with multiple incidents of unauthorized transfers, raising serious concerns about the adequacy of its cybersecurity measures.

In October 2023, Flutterwave reported unauthorized transactions totaling ₦19 billion ($24 million), affecting thousands of account holders across 35 banks and financial institutions.

Subsequent breaches in March and February 2023 saw millions of naira diverted to numerous bank accounts, further exposing vulnerabilities in the company’s systems.

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Fintech

Moniepoint Inc Moniepoint Inc Named Africa’s Fastest-Growing Financial Institution by Financial Times

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Moniepoint

Moniepoint Inc, parent company of Nigeria’s leading financial institutions, Moniepoint MFB and TeamApt Ltd has been ranked by the Financial Times, one of the world’s leading business news organizations, recognized internationally for its authority, integrity, and accuracy as Africa’s fastest-growing financial institution.

The world’s leading financial publication confirmed Moniepoint Inc’s accolade in its annual “Africa’s Fastest Growing Companies” survey, released today. It is the second consecutive year Moniepoint has achieved both the fastest-growing fintech milestone, and, ranked in Africa’s top four fastest-growing companies overall.

The survey was compiled by Statista, a leading research company renowned for its insight into African companies’ actual performance, in a rigorous screening process. In this survey, companies are ranked based on 2019-2022 data by their absolute growth rate of revenues and their compound annual growth rate (CAGR). Moniepoint’s growth rates of 7,979% (absolute) and 332% (CAGR) ranked it ahead of hundreds of leading companies from diverse industries such as technology, telecoms, financial services, and healthcare.

Moniepoint Inc has long been one of Africa’s largest business payments platforms, processing over $182 billion for customers in 2023. It will be recalled that in August 2023, Moniepoint MFB entered the personal banking market offering reliable banking services to millions of individuals across Nigeria.  The holding group also doubled its global headcount, growing to over 1,800 employees by the end of 2023.

This recognition highlights Moniepoint’s success as Africa’s leading fintech, driving financial inclusion by empowering underserved businesses and individuals to access the formal financial system, contributing to a key goal of the Nigerian government.

Tosin Eniolorunda, Group CEO of Moniepoint Inc., said: “We are thrilled to be recognised by the Financial Times as Africa’s fastest growing fintech for the second consecutive year. Achieving rapid growth and scale is a fantastic achievement; maintaining that year-on-year is even better. The ranking is a testament to the dedication and hard work of the entire Moniepoint team, and the trust of millions of customers across Africa in the Company.

“2023 was a pivotal year for Moniepoint. Moniepoint has moved from being an agency-dominated institution to becoming merchant-dominated as we have seen a lot more people embrace more digital payment solutions. It is humbling to see that we have become a household name that people have come to know and trust, the bellwether for reliable transactions every time.

With our foray into the personal banking market, we have been able to deliver seamless and reliable payment solutions for Nigerians especially those in underserved communities as we continue to supercharge access to financial services and contribute to economic growth and wealth creation.  2024 is set to be even more exciting with continued growth, driving compliance and innovation, as we maintain our leading role within the African fintech sector, driving financial inclusion across Africa.”

According to David Pilling, FT Africa Editor, “The third year of our now expanded ranking of Africa’s Fastest Growing Companies comes against a background in which many economies are struggling to recover from the Covid pandemic. The FT-Statista list reveals the type of companies that, even in hard times, have managed to grow, often by disrupting markets…This year, our ranking has a wider geographical spread of companies than before. The big newcomer is Morocco, with 12 companies in the top 125 against just three last time. Mauritian-domiciled companies also did well with nine winners, against four in 2022. South Africa had 42 companies in the list, followed by Nigeria’s 25, while Kenya tied third at 12.”

Moniepoint Inc.’s technology powers over five million businesses and their customers, offering all the payment, banking, credit and business management tools they need to succeed.  Establishing itself as a market leader in Nigeria across various segments from commerce to health and hospitality amongst many others, Moniepoint’s transformational and positive strides has earned it local and international plaudits.

In 2023, for the second year running, Moniepoint Inc was named amongst the 100 most promising private fintech companies by CB Insights. Moniepoint MFB received the Rising Star Family Business Award at the Pwc/Businessday Family Business Summit; while bagging the Fintech Company of the Year award at the 16th edition of Leadership Newspapers Conference and Awards.

Industry analysts have averred that as a strongly embedded and systemic institution in the digital payment services segment, with an eye on the future, Moniepoint Inc is poised to continue to deliver innovative solutions that promote inclusivity, drive sustainability and create new vistas in the markets where they operate.

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E-commerce

Jumia Plans Warehouse Consolidation in Lagos Amid Nigeria Focus

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Jumia - Investors King

Jumia Technologies AG, the Nasdaq-listed e-commerce giant, has unveiled plans to consolidate its warehouses in Nigeria.

This decision is part of the company’s broader strategy to prioritize Nigeria, Africa’s most populous nation as it endeavors to turn profitable amidst challenging market conditions.

The consolidation initiative will see Jumia merging its three existing warehouses in Nigeria into a single expansive depot spanning 30,000 square meters, strategically located in Lagos.

Francis Dufay, CEO of Jumia, emphasized the cost-cutting benefits associated with this move, highlighting the company’s commitment to optimizing its operational efficiency.

Speaking about the rationale behind the consolidation, Dufay expressed confidence in Nigeria’s potential to provide Jumia with the scale needed to achieve profitability.

Despite facing headwinds such as currency fluctuations and a challenging economic environment, Jumia views Nigeria as a key market for growth, anticipating positive developments in the medium term.

Jumia’s decision to streamline its operations in Nigeria comes against the backdrop of its ongoing efforts to navigate the complexities of the e-commerce landscape.

Despite reporting an operating loss of $8.33 million in the first quarter of the year, the company remains optimistic about its prospects in Nigeria, where it continues to witness steady revenue growth.

The e-commerce giant’s commitment to Nigeria underscores its long-term vision and determination to succeed in the region.

With plans to expand its footprint to additional cities across the country, Jumia aims to capitalize on Nigeria’s vast market potential and consumer demand.

However, Jumia’s journey to profitability in Nigeria is not without its challenges. The country’s economic landscape has been marred by currency devaluations, infrastructural deficiencies, and logistical hurdles.

Yet, amidst these obstacles, Jumia remains resilient, banking on Nigeria’s economic revival efforts and policy reforms to fuel its growth trajectory.

As part of its strategy to adapt to evolving market dynamics, Jumia has introduced innovative initiatives such as buy-now-pay-later financing options to cater to customers grappling with rising prices.

Also, the company remains vigilant in monitoring pricing dynamics, ensuring competitive pricing to meet the needs of price-conscious consumers.

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