The House of Representatives has advanced a bill to establish a Nigerian Fintech Regulatory Commission, aimed at providing a legal framework for the rapidly growing fintech industry.
The bill, sponsored by Hon. Fuad Kayode Laguda and titled “A Bill For An Act To Provide For The Establishment Of Nigerians Fintech Regulatory Commission In Nigeria And For Related Matters, 2025”, has been passed and referred to the House Committees on Digital and Electronic Banking; Banking Regulations; Science and Technology; Communications; and Capital Market and Institutions. A public hearing on the bill is scheduled for today, Monday, March 2, 2026.
According to its explanatory memorandum, the Commission will oversee licensing, regulation, and supervision of fintech services in Nigeria. It is expected to promote the implementation of the national fintech policy, establish regulatory authority, and protect consumer rights. The Commission is also mandated to facilitate investments, ensure fair competition, and develop performance standards for fintech services.
The proposed structure includes departments with regional offices across all geopolitical zones of Nigeria, managed by a Governing Board of 14 members, including a Chairman and commissioners from each zone. Members of the board must be Nigerian citizens with expertise in finance, public administration, or related fields, and are barred from holding conflicting interests during their tenure.
The Commission will have financial authority to establish a fund sourced from National Assembly appropriations and licensing fees, with annual financial reports submitted for legislative approval. The Minister of Finance will retain responsibility for formulating and monitoring general fintech policies but must consult with the Commission to ensure public input before policy changes. The National Fintech Management Council, comprising representatives from various government agencies, will assist the Minister in international negotiations and data collection.
The Act prohibits operating fintech services without a proper license and outlines penalties for violations. It empowers the Commission to regulate licensing processes, resolve disputes, conduct inquiries, publish findings, and maintain registers of licences and agreements. Provisions within the Act also emphasize consumer protection, mandating the establishment of consumer codes and complaint resolution mechanisms to ensure quality of service in fintech transactions.
If passed into law, the bill will mark a significant step toward strengthening Nigeria’s fintech ecosystem, balancing innovation with consumer protection and regulatory oversight.
By Aaron Ossai, Abuja
