The House of Representatives has advanced the Nigerian Fintech Regulatory Commission Bill HB.2389 to its second reading, marking a crucial step toward reshaping the country's approach to fintech oversight.
Sponsored by Hon. Fuad Kayode Laguda, the proposed legislation seeks to streamline Nigeria's fragmented regulatory landscape by creating a single statutory body - the Nigerian Fintech Regulatory Commission - that will oversee all financial technology activities across the nation.
At present, the sector operates under multiple agencies, including the Central Bank of Nigeria CBN for banking and payments, the Securities and Exchange Commission SEC for capital markets and virtual assets, the National Information Technology Development Agency NITDA and the Nigeria Data Protection Commission NDPC for digital and data governance, and the Federal Competition and Consumer Protection Commission FCCPC for consumer protection in lending and financial services.
