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Stakeholders Backs Creation of Nigerian Fintech Regulatory Commission
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By Gloria Ikibah
Key players in Nigeria’s digital finance space have thrown their weight behind plans to establish a Nigerian Fintech Regulatory Commission (NFRC), a proposed body intended to license, supervise and regulate fintech firms, technologies and service providers nationwide.
Support for the initiative was voiced during a public hearing on the proposed legislation held in Abuja by the House of Representatives Joint Committee on Banking and Technology. The bill seeks to formally create the NFRC and outline its powers and responsibilities within the fast-growing sector.
Representing the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), its acting National Chairman, Obioha Oti, described the proposal as a positive and timely development. He said the association strongly supports the establishment of the commission, noting that it would enhance transparency, strengthen consumer protection and bolster financial stability across the ecosystem.
He acknowledged the regulatory contributions already made by the Central Bank of Nigeria and the Securities and Exchange Commission, both of which have overseen various aspects of fintech operations over the years. However, he stressed that as digital finance continues to expand and technologies evolve, the legal and regulatory architecture must keep pace.
Oti also urged lawmakers to ensure that AMMBAN members and registered point-of-sale agents are fully integrated into the new regulatory framework. He described them as a crucial link in advancing financial inclusion, particularly in rural and underserved communities.
The Chief Compliance Officer at Hydrogen Payment Services Company Limited, Mojisola Ologe, welcomed the National Assembly’s move to formally recognise fintech as a strategic sector of the Nigerian economy. She observed that such statutory recognition sends a strong signal to investors and innovators, reinforcing confidence in the country’s digital finance landscape.
Ologe pointed to the bill’s focus on consumer protection, market conduct and a structured compliance and enforcement regime as important building blocks. If properly aligned, she suggested, the framework could help position Nigeria as one of Africa’s most organised and credible digital finance jurisdictions.
However, she cautioned that the draft legislation may create regulatory overlap with existing authorities, particularly the Central Bank and the Securities and Exchange Commission. Many fintech operators, she noted, are already licensed and supervised under current financial laws. Without clearly defined boundaries and safeguards to prevent duplication, the industry could face dual licensing requirements, conflicting compliance obligations, higher regulatory costs and potential uncertainty for investors.
She further raised concerns about enforcement provisions in the bill, including strict penalties such as substantial fines, imprisonment and asset forfeiture for unlicensed activities. While acknowledging the need for deterrence, she warned that overly punitive measures in a developing sector could dampen innovation and discourage foreign investment at a critical stage of growth.
“We recommend an initial administrative compliance window, a cease-and-desist orders where systemic risk exists and criminal sanctions reserved for fraud, wilful misconduct, or persistent refusal to comply.
“Clauses 64–66 grant broad document production powers but lack clear data protection safeguards and judicial challenge mechanisms.
“We propose explicit alignment with the Nigeria Data Protection Act 2023, protection of legally privileged information and a defined window to challenge production orders before the Federal High Court.
“To enhance credibility and investor confidence, we recommend the establishment of a Fintech Regulatory Appeals Tribunal,” she said.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele; the Permanent Secretary, Finance, Mr. Raymond Omachi; the Permanent Secretary, Special Duties, Mr. Mohammed Sanusi Danjuma; and the management and staff of the Federal Ministry of Finance have received with deep sadness news of the passing of former Minister of Finance, Alhaji Abubakar Alhaj.
Describing his death as a great loss to the nation, Mr. Oyedele said the late elder statesman devoted his life to public service, distinguishing his career with integrity, discipline, and sound judgement, and leaving a lasting imprint on Nigeria’s economic management and national development.
Beyond his stewardship of the nation’s finances, Mr. Oyedele noted, Alhaji Abubakar Alhaji also served Nigeria with distinction as High Commissioner to the United Kingdom, and was held in high esteem in traditional leadership as the Sardaunan Sokoto, a record of service and leadership that earned him respect across the country.
Mr. Oyedele said his legacy extends well beyond the offices he held, describing him as a thoughtful leader whose experience, wisdom, and commitment to the public good continue to inspire generations of public servants long after he left active service. He added that the late former Minister played an important role in strengthening Nigeria’s public finance architecture and institutions, a legacy that will continue to resonate within the Federal Ministry of Finance and across the public service.
The Honourable Minister extended his heartfelt condolences to the family of the deceased; the Governor and Government of Sokoto State; the Sultan of Sokoto, His Eminence Muhammadu Sa’ad Abubakar III; the Sultanate Council; and the people of Sokoto State.
He prayed that Almighty Allah forgives the shortcomings of the late Alhaji Abubakar Alhaji, grants him Aljannatul Firdaus, and grants his family and all who mourn him the strength and fortitude to bear this irreparable loss.
The First Lady, Oluremi Tinubu, on Thursday called on Nigerians to be more vigilant in the protection of vulnerable persons from human trafficking and traffickers.
Tinubu, in a statement she personally signed as part of the celebration of the “World Day Against Trafficking in Persons”, appealed to the global community to strengthen commitment to ending human trafficking in all its forms and protecting the dignity, freedom, and rights of every individual.
She noted that this year’s theme, “Trapped Behind the Scam,” draws attention to the growing threat of human trafficking.
Human trafficking now forms part of modern-day slavery, which is usually perpetrated through online scams, forced criminality, and transnational organised crime.
According to her, the theme also highlights the need to increase public awareness, prevention, enforcement of our laws, and support for survivors.
“Let us remain vigilant, protect the vulnerable, and ensure that no one falls victim to exploitation. Through collective action, we can build a safer society where every person can live in freedom, dignity, and hope.
“We say “No” to human trafficking today”
Also as part of the International Day of Friendship, the First Lady also drew global attention to the power of friendship to unite people, strengthen communities, foster peace, understanding, and mutual respect.
She noted that no matter how far technology advances, man was never created to be alone, adding that ” As we become more connected digitally, human isolation is increasing by the day. We are emotional beings, and we should never underestimate the power of genuine human connection.
“Friendship reminds us to be our brother’s keeper, to show kindness, and to reject unhealthy behaviours that divide us. A simple act of kindness can heal a broken heart and help in making our world a better place”.
She therefore charged Nigerians to ” Go out there, give someone a smile, reach out with compassion, and be a friend”.
Governor Seyi Makinde of Oyo State has set up a Judicial Commission of Inquiry to investigate the abduction of pupils and teachers from Esinele and Yawota communities in Oriire Local Government Area.
Dotun Oyelade, the Commissioner for Information and Civic Orientation, made this known in a statement on Thursday in Ibadan.
Mr Oyelade said that the commission was expected to determine the circumstances surrounding the abduction and identify the factors that led to the security breach.
He said that the panel, which would be inaugurated on Friday, was also tasked with making recommendations to prevent a recurrence.
“The commission will examine the events leading to the kidnapping, assess the response of relevant authorities, and recommend measures to improve security and safeguard schools and communities across the state,” Mr Oyelade said.
He further explained that the setting up of the panel was in line with the governor’s commitment to ensuring a thorough and independent investigation into the incident.
The abduction occurred on May 15, while the abducted pupils and teachers were rescued after 56 days in captivity.
(NAN)
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