The house of representatives will, on Monday, hold a public hearing on a bill seeking to establish a fintech regulatory commission.
The public hearing will be conducted by the joint committees on digital and electronic banking, banking regulations, science and technology, communications, and capital market and institutions.
The bill, which is sponsored by Fuad Laguda, an All Progressives Congress (APC) lawmaker representing Surulere I federal constituency of Lagos state, scaled the second reading in October, 2025.
When established, the commission will regulate and supervise Nigeria’s fast-growing fintech sector.
The commission will operate through specialised departments, with regional offices across the six geopolitical zones.
A 14-member governing board — comprising a chairman and commissioners representing each geopolitical zone — will oversee its affairs.
Board members are required to possess expertise in finance, public administration, or other relevant fields.
The bill also proposes granting the commission financial autonomy, including the power to establish a dedicated fund sourced from national assembly appropriations and licensing fees, among other streams.
Under the proposed framework, the minister of finance will formulate and monitor a broad policy for the fintech sector.
The commission will conduct investigations, publish findings, and maintain registers of licences and agreements related to fintech operations.
The proposed law mandates the development of consumer protection codes and complaint resolution mechanisms.
The rapid rise in digital transactions has prompted regulators, including the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), and National Information Technology Development Agency (NITDA), to explore new measures to address the evolving fintech environment.
In October 2024, SEC said it will enforce regulations in the fintech ecosystem to curb the mismanagement of funds and align operators with existing rules.
