House of Reps moves to establish Fintech Regulatory Commission

The House of Representatives has begun consideration of a bill to establish the Nigeria Fintech Regulatory Commission to oversee the country’s fast-growing financial technology industry.

Sponsoring the bill, Hon. Fuad Kayode Laguda said the legislation aims to provide a comprehensive framework for regulating digital financial services, protecting consumers, and encouraging innovation.

“The fintech sector has witnessed explosive growth, with millions relying on digital platforms for payments,” Laguda said while leading debate on the bill’s general principles Tuesday. “However, the absence of a dedicated regulator leaves gaps in oversight and consumer protection.”

The proposed commission will handle licensing, compliance enforcement, and dispute resolution within the industry.

Laguda said the measure will boost investor confidence, curb fraud, and strengthen Nigeria’s digital economy.

“I urge my colleagues to support this bill, which provides clear regulatory standards for the industry and ensures innovation with accountability,” he said.