Reps begin process to establish Nigerian Fintech Regulatory Commission

The House of Representatives on Monday commenced consideration of a bill to establish a Nigerian Fintech Regulatory Commission, aimed at streamlining oversight in the fast-growing digital finance sector.

The public hearing on HB 2389 was held on Monday at the National Assembly in Abuja and brought together lawmakers, regulators, operators and industry stakeholders.

Speaking while declaring the one-day public hearing open, the Speaker of the House, Rep. Tajudeen Abbas, said that the bill seeks to address regulatory fragmentation and compliance uncertainties, noting that fintech innovation has outpaced existing regulatory structures.

He said that Nigeria has recorded significant growth in digital payments, blockchain, digital assets and embedded finance.

According to him, fintech has boosted financial inclusion, created jobs and attracted investment.

The Speaker explained that the proposed Commission would serve as a coordinating statutory body, expected to streamline licensing and eliminate duplication.

He stressed that the new body must not undermine existing regulators, listing the CBN, SEC, NITDA and NDIC as institutions whose mandates must be respected.

In his remarks, the Chairman of the House Committee on Digital and Electronic Banking, Hon. Emmanuel Ukpong-Udo, described fintech as central to Nigeria’s economic competitiveness.

He warned that regulatory gaps pose risks to consumer protection and systemic stability.

Ukpong-Udo said the bill must be harmonised with existing laws to avoid jurisdictional conflicts, calling for proportionate compliance frameworks, especially for start-ups.

Both lawmakers urged stakeholders to submit memoranda and technical proposals, saying the final legislation must be implementable, balanced and globally competitive.

Declaring the hearing open, the Speaker said the goal is to enact a law that will stand the test of time, adding that the legislation should unlock fintech’s full potential for national prosperity.