The House of Representatives on Monday held a public hearing on a bill seeking to establish the Nigerian Fintech Regulatory Commission (NFRC) as an independent body to license, regulate and supervise fintech operators across the country.
The hearing was organised by the Committees on Digital and Electronic Banking; Banking Regulations; Science and Technology; Communications; and Capital Market and Institutions.
Sponsor of the bill, Hon. Fuad Kayode Laguda, said the proposed Commission would address the fragmented regulatory structure currently governing Nigeria’s fast-growing fintech sector.
He noted that fintech companies are presently regulated by multiple agencies, including the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), National Information Technology Development Agency (NITDA), National Office for Technology Acquisition and Promotion (NOTAP), and the Federal Inland Revenue Service (FIRS).
According to him, the absence of a single regulatory authority has created compliance challenges and uncertainties for operators and investors.
“The creation of the Nigerian Fintech Regulatory Commission will enhance the profitability of fintech businesses and strengthen the security of fintech users. Rather than interfacing with multiple regulators, stakeholders will relate with one primary authority, thereby improving ease of doing business,” he said.
Chairman of the House Committee on Digital and Electronic Banking, Hon. Emmanuel Ukpong-Udo, described fintech as a central pillar of financial inclusion, youth entrepreneurship and economic competitiveness in Nigeria.
He said the bill seeks to create a specialised and independent regulatory authority capable of providing coherent oversight, while cautioning that the new body must be harmonised with existing financial regulators to avoid duplication and jurisdictional conflicts.
Declaring the hearing open, Speaker of the House of Representatives, Abbas Tajudeen, said the proposed Commission was expected to streamline oversight, eliminate regulatory overlaps and position Nigeria as a leading fintech hub in Africa.
He acknowledged the rapid growth of digital payments, blockchain technology, digital assets and crowdfunding in the country, but noted that regulation has not kept pace with innovation.
“The absence of a coordinated framework for fintech oversight has led to fragmented regulations and compliance difficulties. This Commission is intended to act as a coordinating body, not in competition with existing institutions, but as a complementary mechanism,” the Speaker said.
Stakeholders from regulatory agencies, fintech firms, financial institutions, consumer groups and other sectors made their submissions, as the House continues deliberations on the bill.
