This chapter provides an overview of non-bank financial intermediation (NBFI), exploring its growing significance within the global financial system. It serves as a comprehensive theoretical exploration of NBFI within the contexts of Emerging and African financial markets, providing insights into its definition, various applications, and attendant challenges. Initially it takes a broader approach into non-bank financial intermediation, defines concepts, and explores issues related to NFBIs at the global level. The chapter further highlights major risk concerns that are raised by growth of NBFIs.