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The House of Representatives on Monday convened a public hearing on proposed legislation seeking to establish the Nigerian Fintech Regulatory Commission (NFRC) — an independent body to license, regulate and supervise fintech operators nationwide.
The hearing was jointly organised by the Committees on Digital and Electronic Banking; Banking Regulations; Science and Technology; Communications; and Capital Market and Institutions, reflecting the cross-sector impact of financial technology.
Addressing Fragmented Oversight
Sponsor of the bill, Fuad Kayode Laguda, said the proposed Commission is designed to resolve regulatory fragmentation in Nigeria’s rapidly expanding fintech ecosystem.
Currently, fintech operators interface with multiple regulators, including the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), National Information Technology Development Agency (NITDA), National Office for Technology Acquisition and Promotion (NOTAP), and the Federal Inland Revenue Service (FIRS).
According to Laguda, the absence of a unified regulatory authority has resulted in compliance complexity, overlapping mandates, and investor uncertainty.
“The creation of the Nigerian Fintech Regulatory Commission will enhance the profitability of fintech businesses and strengthen the security of fintech users,” he said, adding that a single primary regulator would improve coordination and ease of doing business.
Fintech as a Strategic Economic Driver
Chairman of the House Committee on Digital and Electronic Banking, Emmanuel Ukpong-Udo, described fintech as a critical pillar for financial inclusion, youth entrepreneurship and national competitiveness.
He noted that while the proposed Commission would provide coherent and specialised oversight, it must be carefully harmonised with existing regulators to prevent duplication of roles and jurisdictional conflicts.
Positioning Nigeria as a Fintech Hub
Declaring the hearing open, Speaker of the House, Abbas Tajudeen, said the Commission is expected to streamline oversight, eliminate regulatory overlaps and strengthen Nigeria’s ambition to become Africa’s leading fintech hub.
He acknowledged the surge in digital payments, blockchain innovation, digital assets and crowdfunding platforms across the country, but observed that regulation has struggled to keep pace with technological advancement.
“The absence of a coordinated framework for fintech oversight has led to fragmented regulations and compliance difficulties. This Commission is intended to act as a coordinating body — not in competition with existing institutions, but as a complementary mechanism,” the Speaker stated.
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