In today’s financial landscape, security and compliance are non-negotiable. Banks and fintechs must safeguard sensitive customer data, ensure secure transactions, and comply with evolving regulatory requirements — all while managing operational costs. Striking the right balance between robust encryption and cost efficiency has long been a challenge for financial institutions.
At Storhet Solutions Limited, we recently supported one of Nigeria’s leading banks in achieving this balance through the deployment of the Ultimaco Hardware Security Module (HSM). The results of this project highlight how the right technology can transform banking operations.
The Challenge: Security vs. Cost
Banks in Nigeria and across Africa face mounting pressure:
- Strict compliance requirements demand secure key management and strong encryption algorithms.
- Rising infrastructure costs make it difficult to maintain multiple systems for different encryption standards.
- Operational complexity slows down efficiency and exposes institutions to risk.
Traditionally, banks have had to invest in separate systems to meet these requirements — an approach that is both costly and cumbersome.
The Solution: Ultimaco HSM in Action
Following a successful Proof of Concept (PoC), our client bank moved forward with deploying the Ultimaco HSM in production. The benefits were clear and measurable:
✅ Dual encryption support (3DES + AES) ensures compliance with both current and emerging regulatory standards.
✅ More than 30% cost reduction compared to the current technologies banks are using.
✅ Cost savings from eliminating the need for multiple expensive systems.
✅ 3-year annual maintenance, reducing the total cost of ownership.
✅ No need to relicense for every TPS upgrade, ensuring scalability without hidden expenses.
✅ Operational efficiency through streamlined management and seamless integration into existing workflows.
By consolidating their cryptographic operations into a single, robust platform, the bank was able to strengthen security and reduce expenses — a win-win outcome.
Why Ultimaco HSM?
Ultimaco is a global leader in Hardware Security Modules, trusted by financial institutions worldwide. The Ultimaco HSM provides:
- Certified security (FIPS and Common Criteria).
- Scalable performance to support high transaction volumes.
- Flexibility to adapt as encryption standards evolve.
For Nigerian banks, this means future-proofing operations without incurring unnecessary costs or licensing bottlenecks.
Storhet Solutions Limited: Your Trusted Partner
At Storhet Solutions Limited, we specialize in delivering solutions that help financial institutions achieve stronger security, regulatory compliance, and cost optimization. Our partnership with Ultimaco enables us to bring world-class cryptographic security to the African financial sector.
Whether you’re a bank or fintech, our team can help you:
- Assess your current security and compliance posture.
- Deploy and integrate HSM solutions tailored to your environment.
- Optimize performance without compromising on security.
🔐 Securing banking operations doesn’t have to mean higher costs. With Ultimaco HSM and Storhet Solutions Limited, your institution can achieve both.
👉 Let’s talk about how we can support your institution.
