CONCEPTUALIZING CLOUD COMPUTING IN FINANCIAL SERVICES: OPPORTUNITIES AND CHALLENGES IN AFRICA-US CONTEXTS

This review paper examines the transformative role of cloud computing in financial services, with a focus on the comparative analysis of opportunities and challenges in Africa and the US. It explores how cloud computing enhances operational efficiency, drives innovation, and facilitates cross-border collaboration. Despite the significant potential, the paper identifies regulatory compliance, infrastructure limitations, and data security concerns as major barriers to adoption. Recommendations for policymakers, financial institutions, and technology providers are provided to address these challenges and support the integration of cloud computing. The paper underscores the importance of harmonized regulations, investment in infrastructure, and robust cybersecurity measures to unlock the full potential of cloud computing in financial services. Future research directions are suggested to further investigate cloud technology's impact on financial inclusion and regulatory frameworks. Keywords: Cloud Computing, Financial Services, Regulatory Challenges, Africa-US Comparison