Reps move to establish Nigerian fintech regulatory commission

The House of Representatives has passed for second reading a bill seeking to establish the Nigerian Fintech Regulatory Commission, aimed at overseeing the licensing, supervision, and regulation of financial technology companies nationwide.

Sponsored by Hon. Fuad Kayode Laguda (Surulere 1 Federal Constituency), the bill seeks to create a unified regulatory framework for Nigeria’s fast-growing fintech sector to promote innovation, transparency, and consumer protection.

Laguda explained that the absence of a central authority regulating fintech operations has created gaps in oversight despite the sector’s critical role in economic growth and financial inclusion.

“The establishment of the commission will strengthen public confidence, ensure fair competition, enhance financial stability, and foster collaboration within the ecosystem,” he stated.

The bill has been forwarded to the House Committees on Banking Regulations, Digital & Electronic Banking, Science & Technology, and Communications for further legislative review.