House Moves To Regulate Nigeria’s Booming Fintech Sector
•By Admin
ABUJA — THE House of Representatives has initiated legislative steps to regulate Nigeria’s rapidly expanding financial technology (fintech) industry, with a bill seeking to establish a dedicated commission to oversee the sector.
The proposed legislation, sponsored by Hon. Fuad Kayode Laguda, is titled “A Bill for an Act to Provide for the Establishment of the Nigerian Fintech Regulatory Commission and for Related Matters, 2025.”
The bill has been passed and referred to the House Committees on Digital and Electronic Banking; Banking Regulations; Science and Technology; Communications; and Capital Market and Institutions for further legislative action. A public hearing on the bill has been scheduled for Monday, March 2, 2026.
According to the explanatory memorandum, the bill seeks to create a comprehensive legal and institutional framework to regulate fintech operations across the country.
It proposes the establishment of the Nigerian Fintech Regulatory Commission, which would be responsible for licensing, supervising, and regulating fintech service providers.
The commission, if established, would also implement national fintech policies, promote innovation within a structured regulatory environment, and ensure consumer protection. In addition, it would be mandated to encourage investment inflows, promote fair competition, and set performance standards for operators in the industry. To ensure nationwide coverage, the bill provides for specialised departments within the commission and regional offices across the six geopolitical zones.
The proposed structure includes a 14-member Governing Board comprising a Chairman and commissioners representing each geopolitical zone. Board members are required to possess relevant expertise in finance, public administration, or related fields. They must be Nigerian citizens and are barred from holding conflicting interests while in office.
On funding, the bill empowers the commission to establish and manage a dedicated fund sourced from appropriations by the National Assembly, licensing fees, and other approved channels. It also mandates the submission of annual financial reports to the National Assembly to ensure legislative oversight.
While vesting the Minister of Finance with responsibility for formulating and monitoring general fintech policies, the bill requires consultation with the commission and public input before major policy decisions are implemented.
It further proposes the establishment of a National Fintech Management Council to support the minister in areas such as international engagement and data management.
The council would comprise representatives from relevant government agencies and advise on strategic development within the sector. The legislation prohibits the operation of fintech services without proper licensing and prescribes penalties for violations.
It also empowers the commission to resolve disputes, conduct investigations, publish findings, and maintain registers of licences and agreements.
Provisions aimed at safeguarding consumer interests are also embedded in the bill, including the development of consumer protection codes and structured complaint resolution mechanisms.
If enacted, the proposed law is expected to strengthen oversight, enhance institutional coordination, and boost investor confidence in Nigeria’s booming fintech ecosystem while ensuring greater protection for consumers.