Nigeria Proposes Fintech Regulatory Commission Bill

The Nigerian House of Representatives is moving forward with a bill to create the Nigerian Fintech Regulatory Commission (NFRC), an independent body tasked with licensing and supervising fintech operations across the country. The bill, sponsored by Hon. Fuad Kayode Laguda, aims to address the fragmented regulatory structure currently governing Nigeria's fast-growing fintech sector, which involves multiple agencies such as the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

The absence of a single regulatory authority has led to compliance challenges and uncertainty for investors. The NFRC is expected to enhance profitability for fintech businesses and strengthen user security by providing coherent oversight and eliminating regulatory overlaps.

Chairman of the House Committee on Digital and Electronic Banking, Hon. Emmanuel Ukpong Udo, emphasized the importance of fintech in promoting financial inclusion and youth entrepreneurship. The proposed commission will harmonize existing financial regulations and avoid jurisdictional conflicts, positioning Nigeria as a leading fintech hub in Africa.