Kenya's top financial watchdogs have issued a dire warning regarding the financial sector's increasing reliance on a limited number of third-party technology providers. This concentration presents a significant risk to national economic stability, as a single point of failure could disrupt services across multiple institutions.

• Seven financial watchdogs, including the Central Bank of Kenya (CBK) and the Capital Markets Authority (CMA), released a communique after their annual Joint Financial Sector Regulators Forum held in Naivasha.
• The communique emphasized the urgent need for official scrutiny and a subsequent overhaul of this reliance on a few external tech firms.
• The primary concern is to prevent a catastrophic failure within the financial system due to this over-concentration of key services.