A bill seeking to establish the Fintech Regulatory Commission has passed its second reading at the House of Representatives.
The proposed legislation, sponsored by Hon. Fuad Laguda, aims to create a comprehensive legal and regulatory framework for Nigeria’s rapidly growing financial technology industry.
During the debate, Laguda highlighted the increasing reliance of millions of Nigerians on digital payment systems, mobile money platforms, and other fintech services for daily financial transactions, stressing that effective oversight has become both timely and necessary.
He explained that the proposed commission would be tasked with ensuring compliance with operational standards, protecting users’ interests, and fostering innovation across the fintech ecosystem.
According to Laguda, the agency would also strike a balance between innovation and prudential oversight to minimize risks to the broader financial system, while supporting sustainable growth in the country’s digital economy.
