Financial regulators warn over reliance on few tech providers

The country’s top seven financial watchdogs have warned that the financial sector’s growing reliance on a handful of third-party technology providers poses a serious risk to the national economic stability, as a single point of failure could disrupt services across multiple institutions and the wider economy. 

The watchdogs who include the Central Bank of Kenya (CBK) and the Capital Markets Authority (CMA) in a communique released after their annual Joint Financial Sector Regulators Forum held in Naivasha, warned that the concentration of key services with a few external tech firms requires urgent official scrutiny and subsequent overhaul to prevent a catastrophic failure in the financial system.

Uncover the stories others won’t tell. Subscribe now for exclusive access

Unlock the Truth Now 》

Unlimited access to all premium content
Uninterrupted ad-free browsing experience
Mobile-optimized reading experience
Weekly Newsletters
MPesa, Airtel Money and Cards accepted

Login

Already a subscriber? Log in

`;
} else {
teaserEl.innerHTML = “”;
}

activeEl.innerHTML = “”;
paywallEl.style.display = “block”;

} else if (now >= saleStart && now <= saleEnd) {
paywallEl.style.display = “none”;

var diffToEnd = saleEnd – now;
var totalSeconds = Math.floor(diffToEnd / 1000);
var days = Math.floor(totalSeconds / (24 * 3600));
var hours = Math.floor((totalSeconds % (24 * 3600)) / 3600);
var minutes = Math.floor((totalSeconds % 3600) / 60);
var seconds = totalSeconds % 60;

activeEl.innerHTML = `

Offer ends in…

${days}Days
${String(hours).padStart(2,’0′)}Hours
${String(minutes).padStart(2,’0′)}Minutes
${String(seconds).padStart(2,’0′)}Seconds

Subscribe Now & Save

`;
} else {
teaserEl.innerHTML = “”;
activeEl.innerHTML = “”;
paywallEl.style.display = “block”;
}
}

function formatTime(ms) {
let totalSeconds = Math.floor(ms / 1000);
const days = Math.floor(totalSeconds / (3600 * 24));
totalSeconds %= 3600 * 24;
const hours = Math.floor(totalSeconds / 3600);
totalSeconds %= 3600;
const minutes = Math.floor(totalSeconds / 60);
const seconds = totalSeconds % 60;
return `${days}d ${hours}h ${minutes}m ${seconds}s`;
}

updateFlashSale();
setInterval(updateFlashSale, 1000);

Follow The Standard
channel
on WhatsApp

The country’s top seven financial watchdogs have warned that the financial sector’s growing reliance on a handful of third-party technology providers poses a serious risk to the national economic stability, as a single point of failure could disrupt services across multiple institutions and the wider economy. 

Follow The Standard
channel
on WhatsApp