A bill seeking to establish the Nigerian Fintech Regulatory Commission has successfully passed its second reading in the House of Representatives.
The legislation, introduced by Hon. Fuad Kayode Laguda, representing Surulere I Federal Constituency of Lagos State under the All Progressives Congress (APC), aims to create a comprehensive legal and regulatory framework for Nigeria’s growing financial technology industry.
During the plenary session on Tuesday, Laguda highlighted the need for a dedicated regulatory body to address the complexities within the fintech sector. He noted that the current regulatory environment is fragmented, with multiple agencies overseeing different aspects of fintech operations, leading to inefficiencies and overlaps.
The proposed commission will centralize the regulation of fintech activities, ensuring consistent policies and enforcement across the industry. Its mandate will cover areas such as digital payments, mobile banking, and cryptocurrency transactions, providing a unified approach that supports innovation and safeguards consumer interests.
Supporters of the bill argue that establishing the commission will modernize Nigeria’s financial infrastructure and align it with global best practices. They believe it will boost investor confidence, promote transparency, and facilitate the growth of fintech startups nationwide.
The bill will now be referred to relevant House committees for further deliberation and possible amendments before the third reading. Once passed into law, the commission is expected to play a pivotal role in shaping the future of Nigeria’s fintech ecosystem.
As the fintech sector continues to expand, legislators stress that a dedicated regulatory body is crucial for sustainable growth and to address emerging challenges in the rapidly evolving industry.