Reps Propose New Commission to Regulate Fintech Sector

The House of Representatives has taken a step toward establishing the Nigerian Fintech Regulatory Commission, a proposed body that will oversee and license financial technology companies nationwide.

The bill, sponsored by Hon. Fuad Kayode Laguda of Surulere 1 Federal Constituency, seeks to bring structure and accountability to Nigeria’s booming fintech industry, which currently operates without a single regulatory authority.

Laguda explained that the initiative is designed to promote consumer protection, innovation, and fair competition, ensuring that fintech operations are transparent and well-regulated.“

Creating this commission will strengthen public trust and stability in the fintech ecosystem,” he said.