The Nation Newspaper CBN governor warns of Fintech Risk to Financial Stability in West Africa
governor, Yemi Cardoso, has raised the alarm over that the increasing transaction volumes of Non-Bank Financial Institutions and Other Financial Institutions which he said pose major financial system stability risk.
The CBN governor noted the rapid growth in fintech lending as a particular area of concern, noting that while the overall size of these loans may still be small compared to traditional banking, some jurisdictions have observed a worrying trend of increasing volumes. Cardoso also highlighted the emergence of innovations linked to crypto or stablecoin assets as another area of concern that supervisors must closely monitor.
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