The House of Representatives has passed for second reading a bill seeking to establish a Fintech Regulatory Commission.
The bill, sponsored by Fuad Laguda, the All Progressives Congress lawmaker representing Surulere I Federal Constituency of Lagos State, aims to provide oversight for Nigeria’s fast-growing financial technology sector.
Laguda told lawmakers during Tuesday’s plenary that the commission would create a clear framework to guide operators in the industry, ensure consumer protection, promote innovation, and curb financial crimes. He noted that millions of Nigerians now rely on mobile money and digital payment platforms for daily transactions, making effective regulation urgent.
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The proposed agency is expected to work alongside existing regulators, including the Central Bank of Nigeria, the Securities and Exchange Commission, and the National Information Technology Development Agency. It follows growing calls for stronger oversight of the fintech sector to maintain stability and protect consumers.
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