By Paul Effiong, Abuja
Speaker of the House of Representatives, Tajudeen Abbas has assured stakeholders in the fintech sector that there would be no duplication of functions among existing government agencies and the expected Nigerian Fintech Regulatory Commission.
Abbas gave the assurance while declaring open, a public hearing on a bill seeking to establish the Nigerian Fintech Regulatory Commission at the National Assembly in Abuja yesterday.
He maintianed that the new body would not undermine or replace existing regulators such as the Central Bank of Nigeria, CBN, Securities and Exchange Commission, SEC, National Information Technology Development Agency, NITDA, and the Nigeria Deposit Insurance Corporation. NDIC.
Represented by Adebayo Adepoju at the hearing, the speaker said the proposed commission was a decisive step towards strengthening oversight of the country’s rapidly expanding financial technology sector.
He emphasised the need for constructive criticism and open ideas that will help to make good laws for Nigerians.
Abbas commended the joint efforts of the Committees on Digital and Electronic Banking, Banking Regulations, Science and Technology for convening the public hearing.
According to him, fintech regulation cuts across multiple sectors and requires coordinated legislative action for the purpose of creating a conducive atmosphere for the fintech sector in Nigeria.
The speaker highlighted Nigeria’s growing prominence in digital payments, blockchain technology, as well as digital assets and crowdfunding.
According to him, the fintech sector has generated thousands of jobs for young Nigerians, adding that it had also attracted substantial investments and supported various small and medium enterprises in line with President Bola Tinubu’s Renewed Hope Agenda.
Speaker Abbas also acknowledged that regulation had struggled to keep pace with innovation, warning that the absence of a unified regulatory framework has resulted in fragmented oversight and duplication of functions.
In his opening remarks, the Co-chairman of the joint committees, Emmanuel Ukpong-Udom disclosed that over 40 memoranda were received from stakeholders during the public hearing.
The lawmaker pledged his committee’s readiness to painstakingly go through all the documents received from stakeholders, adding that such open ideas and suggestions would guide the entire House in making an informed decision.
In his address, the sponsor of the Bill, Faud Laguda revealed that his decision to push for the proposed legislation was to align Nigeria with other civilised countries, adding that the expected commission would play a complimentary role in regulating fintech operations.
He said the Bill, when finally passed and assented to, would facilitate fintech business operations, as well protect stakeholders from all forms of fraud.
