House of Representatives Pushes for Creation of Fintech Regulatory Commission

The House of Representatives has taken a major step toward reshaping fintech regulation in Nigeria, as lawmakers opened discussions on a Bill that proposes a new Nigerian Fintech Regulatory Commission. The move has already stirred strong interest across the digital finance community, especially as the country continues to attract global attention for rapid growth in mobile payments, blockchain innovation and online lending.

The Bill was examined during a wide-ranging public hearing held by five committees, covering banking, communications, technology and the capital market. Although Nigeria’s fintech firms continue to expand, many industry players argue that the regulatory system has not kept up with the pace of innovation, which has left both investors and operators uncertain about compliance expectations.

Why Lawmakers Say a New Commission Is Needed

While opening the session, Speaker Abbas Tajudeen noted that the proposed body is meant to bring order to a landscape that has become increasingly complex. He explained that many fintechs face repeated checks from different regulators, which slows their operations and creates confusion. According to him, the goal is to “eliminate regulatory fragmentation” while giving both consumers and entrepreneurs clearer protection.

He stressed that Nigeria is already a continental leader in digital finance, with strong adoption of digital payments, blockchain tools and embedded finance. Still, he warned that progress could stall if rules remain scattered across several agencies. Yet he was careful to stress that the new commission “is not designed to compete with or undermine” existing regulators such as the Central Bank of Nigeria, the Securities and Exchange Commission, the National Information Technology Development Agency and the Nigeria Deposit Insurance Corporation.

Instead, legislators say the commission would focus on emerging areas that older institutions do not yet cover.

Bill sponsor Fuad Kayode Laguda said the lack of a single regulator has forced operators to deal with multiple agencies, which has made compliance slow and expensive. He noted that the number of fintechs in the country jumped from about 250 at the start of 2024 to more than 430 in 2025. According to him, nine of the leading firms now hold a combined valuation of $10.6 billion, while startups raised more than $520 million in equity funding in 2024.

He explained that the new NFRC would act as a one-stop platform with powers to enforce standards, protect users and improve confidence in the sector. “This Regulatory Commission will operate as an independent institution to protect all fintech businesses and customers across Nigeria from digital threats, scams and online fraud,” he said. As reported by BusinessDay NG

Stakeholders Push for Clarity

Chairman of the Committee on Digital and Electronic Banking, Emmanuel Ukpong-Udo, described the Bill as an important step toward a modern legal structure for the digital economy. He acknowledged that the fintech boom has helped promote financial inclusion and draw investment from home and abroad. However, he warned that growth has also exposed gaps in supervision, consumer protection and institutional coordination.

He encouraged regulators, fintech founders, cybersecurity specialists and consumer groups to provide well-researched inputs so the Bill can be improved before it progresses. Ukpong-Udo also stressed that Parliament will ensure the new law does not clash with existing frameworks, especially those governing the banking and technology sectors.