Reps Plan Public Hearing on Bill to Establish Fintech Regulatory Commission

The House of Representatives will today hold a public hearing on a proposed bill seeking to establish a Fintech Regulatory Commission to oversee Nigeria’s rapidly expanding financial technology sector.

The hearing, according to lawmakers, will be conducted jointly by the House Committees on Digital and Electronic Banking, Banking Regulations, Science and Technology, Communications, and Capital Market and Institutions.

The bill, sponsored by Mr. Fuad Laguda, a member representing Surulere I Federal Constituency of Lagos State under the All Progressives Congress (APC), scaled second reading in October 2025.

If passed into law, the proposed commission will be responsible for regulating and supervising fintech operators across the country, with the aim of strengthening oversight and promoting stability within the digital financial ecosystem.

The commission is expected to operate through specialised departments and establish regional offices across the six geopolitical zones to enhance nationwide coverage.

The proposed framework provides for a 14-member governing board comprising a chairman and commissioners representing each geopolitical zone. Members of the board are required to possess relevant expertise in finance, public administration, or related fields.

The bill also seeks to grant the commission financial autonomy through the establishment of a dedicated fund to be financed by appropriations from the National Assembly, licensing fees, and other approved revenue sources.

Under the arrangement, the Minister of Finance will be responsible for formulating and monitoring broad policy directions for the fintech sector, while the commission will conduct investigations, publish regulatory findings, and maintain registers of licences and operational agreements within the industry.

In addition, the proposed legislation mandates the development of consumer protection guidelines and effective complaint resolution mechanisms for fintech users.

Stakeholders say the initiative follows the rapid growth in digital transactions nationwide, which has prompted regulatory agencies such as the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), and National Information Technology Development Agency (NITDA) to introduce measures aimed at strengthening oversight and ensuring compliance within the fintech ecosystem.

Recall that the SEC in October 2024 announced plans to enforce stricter regulations to curb fund mismanagement and align fintech operators with existing financial rules.