The House of Representatives has commenced legislative action to establish a Nigerian FinTech Regulatory Commission to oversee the fast-growing financial technology sector in the country.
The proposed body is contained in a bill sponsored by Hon. Fuad Kayode Laguda, titled “A Bill for an Act to Provide for the Establishment of the Nigerian Fintech Regulatory Commission in Nigeria and for Related Matters, 2025″.
The bill has passed second reading and has been referred to the House Committees on Digital and Electronic Banking, Banking Regulations, Science and Technology, Communications and Capital Market and Institutions for further legislative scrutiny.
A public hearing on the proposed legislation has been scheduled for Monday, March 2, 2026, to allow stakeholders to make inputs before its final consideration.
According to the explanatory memorandum, the bill seeks to establish a comprehensive legal and institutional framework for the regulation and development of Nigeria’s fintech industry.
It states that the proposed commission will oversee the licensing, regulation and supervision of fintech services across the country while promoting the implementation of the national fintech policy.
The Commission is also expected to protect consumer rights, facilitate investment in the sector, ensure fair competition and develop performance standards for fintech operators.
The bill provides that the Commission will be structured into departments, with regional offices in all six geopolitical zones to enhance nationwide coverage and regulatory effectiveness.
A 14-member Governing Board, comprising a Chairman and commissioners drawn from each geopolitical zone, will manage the affairs of the Commission.
Members are required to possess expertise in finance, public administration or related fields; must be Nigerian citizens; and are prohibited from holding conflicting interests during their tenure.
The proposed legislation grants the Commission financial autonomy through the establishment of a dedicated fund sourced from National Assembly appropriations, licensing fees and other approved revenues.
It mandates the submission of annual financial reports to the National Assembly and empowers the commission to enforce licensing requirements, resolve disputes, conduct enquiries, publish findings and establish consumer protection codes, while prohibiting the operation of fintech services without proper licensing and prescribing penalties for violations.
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