Fintech Regulatory Commission bill passes second reading
A bill to establish a dedicated Fintech Regulatory Commission has successfully passed its second reading in the Nigerian House of Representatives.
The legislation, sponsored by Hon. Fuad Laguda of the APC from Surulere I in Lagos, aims to put in place a regulatory body to oversee Nigeria’s rapidly growing fintech sector. The motive for the bill stems from concerns about consumer protection, financial stability, and unchecked risk in a space that currently lacks a unified and clear regulatory framework.
During the debate, Laguda stressed that with millions of Nigerians relying on digital payments, mobile money, and other fintech innovations, the absence of a strong regulatory structure has led to uncertainties and vulnerabilities. If passed into law, the proposed commission would set standards, enforce compliance, and protect consumers while also promoting innovation in the fintech space. After the second reading, the bill was referred to the House Committees on Banking Regulations and Communications for further review.
