The Speaker of the House of Representatives, Abbas Tajudeen, on Monday declared open a public hearing on a bill seeking to establish a Nigerian Fintech Regulatory Commission, describing it as a critical step toward streamlining oversight and positioning Nigeria as a global financial technology powerhouse.
The hearing, held at the National Assembly Complex, Abuja, focused on HB. 2389 a Bill for an Act to Provide for the Establishment of the Nigerian Fintech Regulatory Commission and for Related Matters.
Tajudeen said the proposed commission would address persistent regulatory fragmentation in the fintech ecosystem, eliminate duplication, and create a one stop framework for licensing, supervision and coordination.
“In the last few years, Nigeria has witnessed remarkable growth in digital payments, blockchain technology, digital assets and other fintech innovations,” he said. “However, regulation has not kept pace with the speed of innovation, leading to compliance difficulties and uncertainty for investors and consumers.”
He noted that while fintech has driven financial inclusion, created jobs and attracted investment, the absence of a unified regulatory structure has created overlaps among existing institutions.
The Speaker stressed that the proposed commission is not intended to compete with or undermine agencies such as the Central Bank of Nigeria, Securities and Exchange Commission, National Information Technology Development Agency, and the Nigeria Deposit Insurance Corporation.
“Rather, it is meant to operate as a complementary mechanism, deferring to primary regulators in their core mandates while focusing on emerging areas not already captured,” he said.
Tajudeen added that the commission would be expected to oversee licensing, develop performance standards, foster investment, monitor cybersecurity risks, and strengthen consumer protection and data privacy safeguards.
Earlier in his remarks, Chairman of the House Committee on Digital and Electronic Banking, Emmanuel Ukpong-Udo, said the 10th House recognises fintech as a central pillar of financial inclusion, youth entrepreneurship and economic competitiveness.
Ukpong-Udo said Nigeria has emerged as one of Africa’s leading fintech hubs but warned that rapid growth has exposed regulatory fragmentation, compliance uncertainties and supervisory overlaps.
“The Bill must be carefully harmonised with the mandates of existing regulators to avoid duplication, conflict of jurisdiction, or unnecessary regulatory burdens,” he said.
He called for robust stakeholder engagement, urging regulators, fintech operators, deposit money banks, consumer groups and cybersecurity experts to make evidence-based submissions to strengthen the proposed legislation.
Both lawmakers emphasised that the public hearing was not a mere formality but a critical consultative process aimed at producing a law that will stand the test of time and support innovation while safeguarding systemic stability.
The House is expected to consider stakeholders’ submissions before the Bill proceeds to the next legislative stage.
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