Stakeholders Support Fintech Regulation Bill in Nigeria

Stakeholders have shown strong support for a bill in the House of Representatives that aims to regulate the fintech sector in Nigeria. During a public hearing organized by the House's joint committee on banking and technology, various representatives emphasized the need for a regulatory framework to oversee online financial transactions.

Obioha Otto, chairman of the Association of Mobile Money Bank Agents Nigeria, commended the Central Bank of Nigeria and the Securities and Exchange Commission for their contributions to the sector's growth. Mojisola Olog, Chief Compliance Officer at Hydrogen Payment Service Company, also praised the legislative efforts to formalize recognition of fintech as a strategic sector in Nigeria's economy.

Abba Tajudeen, a speaker in the House, highlighted fintech's role in advancing financial inclusion, particularly in a country with one of the largest unbanked populations globally. Emmanuel Ukpong Udo, chairman of the committee on digital and electronic banking, noted the importance of building a legal framework that keeps pace with the rapid evolution of financial technology in Nigeria.