Nigeria’s House of Representatives has passed for second reading a bill seeking to establish the Fintech Regulatory Commission, aimed at regulating the country’s fast-expanding financial technology industry.
The bill, sponsored by Fuad Laguda, an All Progressives Congress (APC) lawmaker representing Surulere I Federal Constituency of Lagos State, seeks to create a dedicated agency to oversee fintech operations, set industry standards, and protect consumers.
Leading debate on the bill during Tuesday’s plenary, Laguda said the proposed commission would “provide a clear regulatory framework” for the fintech sector, which has become central to everyday financial transactions in Nigeria.
“The need for this regulation has grown exponentially in recent years, with millions of Nigerians now depending on digital payment platforms, mobile money services, and other fintech products,” Laguda said.
“However, the lack of a coherent framework has raised concerns over consumer protection, financial stability, and the prevention of financial crimes”, he added.
He further explained that the proposed body would ensure operators comply with industry standards while safeguarding users through fair, transparent, and secure practices.
The Lawmaker said it would also promote innovation while minimising systemic risks to the financial system.
Read also: We’ve received threats from terrorists to bomb National Assembly — Reps panel
Nigeria’s digital finance ecosystem has expanded sharply over the past decade, driven by the rise of mobile payments and online lending platforms. The rapid pace of growth has pushed regulators, including the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and the National Information Technology Development Agency (NITDA) to explore new approaches to supervision and consumer protection.
In October 2024, the SEC said it would begin enforcing new rules in the fintech ecosystem to curb fund mismanagement and ensure compliance with existing regulations.
Emomotimi Agama, director-general of the SEC, noted that a sound and predictable regulatory environment was critical to harnessing technology for Nigeria’s economic transformation.
