CBN urged to expand oversight of fintech, cloud risks

The Central Bank of Nigeria (CBN) has been urged to expand its oversight to include risks associated with cloud providers, telecom networks, fintech companies, and other technology partners. Director-General of the National Information Technology Development Agency, Kashifu Inuwa, emphasized that traditional regulatory approaches are insufficient for a financial system where banks increasingly rely on technology providers and interconnected digital infrastructure.

Inuwa warned that an outage or disruption at an external provider could spread across the wider financial ecosystem, highlighting the growing challenge for financial regulators as banks become more dependent on technology services they do not directly control.

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