By Paul Effiong, Abuja
House of Representatives has taken a decisive step towards reshaping the financial technology landscape with the passage of a bill seeking to establish a national regulatory body for fintech operation.
The proposed law is aimed at creating a comprehensive legal framework for Nigeria’s digital financial industry.
Speaking on the proposal bill titled ‘Bill for an Act To Provide For The Establishment Of Nigerians Fintech Regulatory Commission In Nigeria and for Related Matters, 2025,’ the sponsor, Fuad Laguda said it seeks to establish the Nigerian Fintech Regulatory Commission as the primary regulatory authority overseeing the licensing, regulation and supervision of fintech services across the country.
If assented to by the president, the commission will be in charge of implementing the national fintech policy, as well as protect consumers rights and facilitate investments competition including developing performance standards for fintech operators.
The proposed structure includes departments with regional offices across the six geopolitical zones to ensure a nationwide oversight and coordination.
The committee also informed that board members must be Nigerian citizens with expertise in finance, public administration or related fields, adding that they are prohibited from holding conflicting interests during their tenure.
The bill also grants the commission financial authority to establish and manage a dedicated fund sourced from National Assembly appropriations and licensing fees.
The commission, according to the lawmakers, will ensure that the annual financial reports are submitted to the National Assembly for approval, reinforcing legislative oversight.
In addition, the legislation proposes the creation of a National Fintech Management Council to support the minister in international fintech negotiations and data gathering.
The Act also prohibits operating fintech services without proper licensing and prescribes penalties for violations.
It also empowers the commission to regulate licensing conditions, resolve disputes, conduct inquiries, publish findings and maintain the register of licenses and agreements.
