House of Representatives to Hold Public Hearing on Nigeria Fintech Regulatory Commission Bill
The Nigerian House of Representatives has announced a public hearing on a bill seeking to establish a fintech regulatory commission, signaling a major step in regulating the country’s rapidly growing digital finance sector. The hearing is scheduled for Monday and will involve multiple joint committees overseeing digital banking, banking regulations, science and technology, communications, and capital markets.
Sponsored by Fuad Laguda, an All Progressives Congress (APC) lawmaker representing Surulere I federal constituency in Lagos State, the bill successfully passed its second reading in October 2025. If passed, it will create a dedicated body responsible for regulating and supervising fintech operations across Nigeria, providing much-needed oversight for a sector that has grown exponentially in recent years.
The proposed commission will operate through specialized departments with regional offices spanning Nigeria’s six geopolitical zones. A 14-member governing board, including a chairman and commissioners representing each zone, will oversee its operations. Board members are required to have expertise in finance, public administration, or other relevant fields, ensuring professional and informed governance of the fintech sector.
Financial autonomy is a key feature of the bill. The commission will have the authority to create a dedicated fund sourced from National Assembly appropriations, licensing fees, and other revenue streams. In addition, the Minister of Finance will formulate broad sector policies, while the commission itself will handle investigations, maintain registers of licenses, and develop consumer protection codes alongside complaint resolution mechanisms.
The move comes as Nigeria experiences a surge in digital transactions, prompting regulators like the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), and National Information Technology Development Agency (NITDA) to introduce measures for the evolving fintech landscape. In October 2024, the SEC had already vowed to enforce regulations to prevent mismanagement of funds and ensure fintech operators comply with existing rules, highlighting the growing need for structured oversight.
source: The Cable