CBN urged to expand oversight of fintech, cloud risks

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

Inuwa warned that disruptions or outages at external providers could have ripple effects across the wider financial ecosystem, highlighting the growing challenge for financial regulators as banks and payment companies become more dependent on infrastructure they do not directly control. Inuwa called for regulators to develop end-to-end visibility across the technology ecosystem supporting modern banking, moving beyond monitoring individual institutions to identifying potential disruptions from third-party dependencies.

Brief written by urgent.news from Punch Nigeria's own syndicated text. Machine-written — may contain errors; check the original before relying on it.