Reps Move To Regulate Nigeria’s Fintech Sector

The House of Representatives has taken steps to establish a commission to regulate Fintech in the country.

This is as work on a Bill for an Act to provide for the establishment of Nigerian Fintech Regulatory Commission in Nigeria and for related matters, 2025 have reached advance stage.

Sponsored by Hon. Fuad Kayode Laguda, the bill seeks to establish a legal framework for the Nigerian fintech industry -oversee the licensing, regulation, and supervision of the services in Nigeria.

The proposed legislation which had passed through second reading is slated for public at the National Assembly Complex in Abuja on Monday.

When passed, the planned law will
promote the implementation of the national fintech policy, establish regulatory authority and protect consumer rights.

The commission, when established will be mandated to facilitate investments, ensure fair competition and develop performance standards for fintech services.

The bill further proposed that the commission will be granted financial authority to establish a fund from various sources, including appropriations by the National Assembly and fees from licensing.

According to the bill, the minister of finance will be responsible for formulating and monitoring general policies for the fintech sector in consultation with the commission for public input before policy changes.

The proposed “Act encompasses provisions aimed at protecting consumer interests and ensuring quality of service in fintech transactions.

“It mandates the establishment of consumer codes and addresses complaint resolution processes in alignment with regulatory objectives.”