By Idowu Bankole
The House of Representatives has passed for second reading a bill seeking to establish the Nigerian Fintech Regulatory Commission, a body that will be responsible for the licensing, supervision, and regulation of fintech companies and their business operations across the country.
The bill, sponsored by Hon. Fuad Kayode Laguda (FKL), Member representing Surulere 1 Federal Constituency, aims to provide a coordinated regulatory framework for the rapidly expanding fintech sector in Nigeria.
According to Laguda, the proposed commission will ensure that the business and operational activities of fintech operators and service providers are properly regulated to promote transparency, innovation, and consumer protection.
He noted that despite the vital contributions of fintech companies to national growth and financial inclusion, Nigeria currently lacks a single regulatory authority overseeing their activities — a gap the new legislation seeks to address.
“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 said.
The bill has been referred to the House Committees on Banking Regulations, Digital & Electronic Banking, Science & Technology, and Communications for further legislative consideration.
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