Big Data

The advancement in communications and information technology has significantly impacted the development and use of technology across economic social and financial sectors. Big Data a term that emerged in the early 2000s represents a critical asset for knowledge-based societies marking a key stage in the evolution of information systems that contribute to sustainable development. Central banks utilize Big Data for oversight and regulation particularly in developed economies (Doerr et al. 2021).Data processing is vital for central bank operations driving daily functions such as money settlement and treasury fund management. While adopting Big Data presents challenges it also offers opportunities for banks to analyze large datasets identify risks and take preventive measures.