Nigeria's Fintech Sector Hits $230bn; Regulatory Bill Proposed
The Nigerian House of Representatives is deliberating on a bill to create a Nigerian Fintech Regulatory Commission, as the country's fintech industry is valued at approximately $230 billion, according to a report by McKinsey & Company. Mr. Kayode Laguda, the bill's sponsor, disclosed this during a public hearing in Abuja.
The proposed commission intends to strengthen oversight of the rapidly expanding fintech sector, boost investor confidence, and protect users of digital financial services. Currently, Nigeria's fintech sector is regulated by multiple agencies, including the Central Bank of Nigeria and the Securities and Exchange Commission.
By January 2024, Nigeria is projected to have 250 fintech companies. The bill aims to provide a unified regulatory framework to address compliance uncertainties and protect consumers from digital fraud.
Speaker Mr. Tajudeen Abba emphasized the importance of creating a coordinated legal framework to support financial inclusion and job creation in Nigeria.
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