By Achile Danjuma
The House of Representatives has commenced legislative action to establish a Nigerian Fintech Regulatory Commission (NFRC) as a single, specialised authority to license, supervise and regulate financial technology operators across the country.
The move followed a public hearing on a “Bill for the establishment of the Nigeria Fintech Regulatory Commission and related matters” convened by the House Committees on Digital and Electronic Banking; Banking Regulations; Communications; Science and Technology; and Capital Market and Institutions.
During the hearing, lawmakers and industry stakeholders examined the legal and institutional implications of creating a unified regulator for the fast-growing sector.
Declaring the hearing open, Speaker of the House, Abbas Tajudeen, said the proposed Commission is intended to eliminate regulatory fragmentation, remove duplication of functions and provide clarity for investors and consumers in Nigeria’s expanding digital finance ecosystem.
He noted that fintech has become a central driver of financial inclusion, youth employment and innovation, with Nigeria emerging as one of Africa’s leading hubs for digital payments, blockchain solutions, digital assets and embedded finance.
He, however, observed that regulation has not kept pace with innovation, resulting in compliance challenges and uncertainty within the industry.
Tajudeen stressed that the proposed Commission is not designed to compete with or undermine existing regulators such as the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), the National Information Technology Development Agency (NITDA) and the Nigeria Deposit Insurance Corporation (NDIC).
The Speaker said the commission would function as a coordinating and complementary body, focusing on emerging areas not fully captured under current frameworks.
Sponsor of the Bill, Fuad Kayode Laguda, said the absence of a single regulatory authority has compelled fintech operators to interface with multiple agencies, thereby creating operational bottlenecks and regulatory uncertainty.
He cited industry figures indicating that Nigeria’s fintech firms have grown from about 250 as of January 2024 to over 430 in 2025, with nine leading companies holding a combined valuation of $10.6 billion as of January 2026.
He also referenced reports showing that fintech startups raised over $520 million in equity funding in 2024 alone.
According to him, the proposed NFRC would serve as a one-stop regulatory platform, enforce standards and codes of practice, protect customers from digital fraud and online scams, and enhance investor confidence by ensuring a coherent and predictable oversight regime.
“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.
Chairman of the House Committee on Digital and Electronic Banking, Emmanuel Ukpong-Udo, described the Bill as a strategic step towards building a responsive and forward-looking legal framework for Nigeria’s digital economy.
He said while the sector’s rapid growth has strengthened financial inclusion and attracted both local and foreign investment, it has also exposed gaps in supervision, consumer protection and institutional coordination.
Ukpong-Udo urged stakeholders including regulators, fintech operators, banks, consumer groups, cybersecurity experts and development partners to provide evidence-based submissions to guide the refinement of the Bill.
He assured that the House would ensure proper harmonisation with existing laws to avoid jurisdictional conflicts.