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Regulators flag financial institutions’ reliance on few technology providers
While other regulators have not published similar surveys, reports from individual companies suggest they are equally reliant on outsourced technology.
Kenya’s financial regulators have raised concern over the heavy reliance on a small number of third-party technology service providers by many institutions in the sector, warning that it poses a major financial stability risk.
Banks, insurers, pension schemes, cooperatives, and capital market firms increasingly depend on external providers for services such as mobile applications, artificial intelligence (AI) automation, and fraud detection and prevention.
