TC Notes: Practical Leadership and Guidance from Toronto Centre
Non-bank lenders are increasingly providing more private credit in emerging market and developing economies, which introduces new risks and supervisory challenges.
This Toronto Centre Note brings together the winning essays and contributions from the 2025 competition, and discusses the supervisory and policy responses to mitigate those private credit-related risks. Using practical examples from the Dominican Republic, Ghana, Nepal, and Tunisia, the Note provides insights and guidance on how to effectively supervise non-bank lenders.
Co-winners:
Enmanuel Cedeño-Brea, General Advisor, Superintendency of Banks of the Dominican Republic
Ghofran Harrabi, Deputy Director, Payment and Financial Inclusion Department, Central Bank of Tunisia
Contributors:
Joseph Kofi Asamoah, Bank Supervisor, Bank of Ghana
Abhiyan Upadhyay, Deputy Director, Nepal Rastra Bank
