House of Representatives Proposes Fintech Regulatory Bill

The House of Representatives has commenced the process to establish a Nigerian Fintech Regulatory Commission through a bill sponsored by Hon. Fuad Laguda. This bill, titled "An Act to Provide for the Establishment of the Nigerian Fintech Regulatory Commission," aims to create a legal framework for the fintech industry in Nigeria.

It seeks to promote the implementation of national fintech policies and establish a regulatory authority to protect consumer rights. The bill has already undergone its first reading and has been referred to the House Committee on Digital Economy, Banking, Science, Technology, and Communication.

A public hearing for the bill is scheduled for Monday, March 2, 2026. The explanatory memorandum of the bill outlines its intent to regulate and supervise fintech service providers in Nigeria, ensuring a structured approach to the growing fintech sector.