…as public hearing on proposed regulatory commission hold 2 March
By Gloria Ikibah
The House of Representatives has begun moves to create a specialised commission to regulate financial technology operations across Nigeria, in what lawmakers describe as a decisive step towards strengthening oversight in the rapidly expanding sector. 
The proposed body would be set up through a bill sponsored by Hon. Fuad Kayode Laguda, titled, “A Bill For An Act To Provide For The Establishment Of Nigerians Fintech Regulatory Commission In Nigeria And For Related Matters, 2025”.
The legislation has already scaled initial stages in the House and has been referred to the Committees on Digital and Electronic Banking; Banking Regulations; Science and Technology; Communications; as well as Capital Market and Institutions for further legislative work.
A public hearing on the proposal has been scheduled for Monday, 2 March 2026, where stakeholders are expected to present their views.
According to its “Explanatory Memorandum”, the bill is designed to “establish a legal framework for the Nigerian Fintech Industry”, laying out structures intended to guide innovation while ensuring proper regulation of operators within the space.
It stated, “The Commission when established will oversee the licensing, regulation, and supervision of fintech services in Nigeria”.
It added that, the Act promotes the implementation of the national fintech policy, establishes regulatory authority, and seeks to protect consumer rights.
The proposed bill further stated that, the Commission “is mandated to facilitate investments, ensure fair competition, and develop performance standards for fintech services”.
“The Commission will be structured into departments with regional offices in all geopolitical zones of Nigeria.
“A Governing Board consisting of 14 members, including a Chairman and commissioners from each geopolitical zone, will manage the Commission”, it further stated.
On the qualifications for members of the Commission’s governing board it stated that, they must have expertise in finance, public administration, or relevant fields.
“Members must be Nigerian citizens and are barred from holding conflicting interests during their tenure”, it added.
The bill further proposed that, the Commission is granted financial authority to establish a fund from various sources, including appropriations by the National Assembly and fees from licensing.
Annual financial reports will also be submitted to the National Assembly for approval.
The Minister of Finance holds responsibility for formulating and monitoring general policies for the fintech sector but he must consult with the Commission for public input before policy changes.
The National Fintech Management Council is to assist the Minister in international fintech negotiations and data collection.
“The Council comprises representatives from various governmental agencies and is tasked with advising on fintech development.
“The Act prohibits operating fintech services without a proper license and outlines penalties for violations.
“The Commission will regulate licensing processes, specifying conditions that promote transparency and fairness.
“The Commission has the authority to resolve disputes within the fintech sector effectively.
“It is empowered to conduct inquiries, publish findings, and maintain registers of licences and agreements related to fintech operations”, it stated.
It further informed that, the “Act encompasses provisions aimed at protecting consumer interests and ensuring quality of service in fintech transactions.
“It mandates the establishment of consumer codes and addresses complaint resolution processes in alignment with regulatory objectives”, it added.
