The House of Representatives has passed for second reading a bill seeking to establish the Nigerian Fintech Regulatory Commission, a body that will license, supervise, and regulate the operations of financial technology (fintech) companies across the country.
The proposed legislation, sponsored by Hon. Fuad Kayode Laguda (FKL), Member representing Surulere 1 Federal Constituency, aims to provide a unified regulatory framework for Nigeria’s fast-growing fintech industry.
Laguda explained that the commission would ensure that fintech operators and service providers conduct their activities transparently and responsibly while promoting innovation and protecting consumers.
He noted that despite fintech’s immense contribution to national growth, job creation, and financial inclusion, Nigeria currently lacks a central authority overseeing the sector — a gap the new bill seeks to fill.
“The establishment of the commission will boost confidence in the fintech industry, improve consumer protection, enhance financial stability, encourage healthy competition, and promote collaboration within the ecosystem,” Laguda stated.
Following its second reading, the bill was referred to the House Committees on Banking Regulations, Digital & Electronic Banking, Science & Technology, and Communications for further legislative action.
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