House of Representatives has passed the second reading of a bill seeking to establish the Fintech Regulatory Commission, aimed at providing oversight and structure to Nigeria’s fast-growing financial technology sector.
The bill, sponsored by Hon. Fuad Laguda (APC–Surulere I, Lagos), progressed during Tuesday’s plenary session, drawing support from lawmakers concerned about the lack of a unified regulatory framework for digital financial services.
Leading the debate, Laguda stated that the commission would be tasked with regulating digital payment platforms, mobile money services, and other fintech products that millions of Nigerians rely on daily.
“The need for this regulation has grown exponentially in recent years,” Laguda said. “We must ensure consumer protection, financial stability, and the prevention of financial crimes.”
He added that the proposed commission would promote transparency, fairness, and innovation within the fintech ecosystem, while minimizing systemic risks.
Ravenewsonline reports that Nigeria’s fintech sector has witnessed a surge in digital transactions, prompting existing regulators such as the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and the National Information Technology Development Agency (NITDA) to reassess their oversight strategies.
In October 2024, SEC announced plans to tighten regulations in the sector to prevent fund mismanagement and enhance compliance. Emomotimi Agama, Director-General of SEC, emphasized the importance of a conducive regulatory environment for digital innovation.
The bill will now proceed to the committee stage for further scrutiny and stakeholder engagement.
