Nigeria is one step closer to a major transformation in its fintech oversight structure. The House of Representatives has advanced the Nigerian Fintech Regulatory Commission Bill (HB.2389) to its second reading, signaling strong legislative momentum for a more modern and unified fintech regulatory framework.
Proposed by Hon. Fuad Kayode Laguda, the bill aims to establish a new statutory body — the Nigerian Fintech Regulatory Commission — responsible for overseeing all fintech-related operations nationwide.
✅ Why This Matters
Currently, Nigeria’s fintech industry is regulated by multiple agencies, leading to duplication of oversight and compliance burdens for companies. These agencies include:
- Central Bank of Nigeria (CBN) — banking & payment services
https://www.cbn.gov.ng - Securities and Exchange Commission (SEC) — virtual assets & capital markets
https://sec.gov.ng - National Information Technology Development Agency (NITDA) — digital governance
https://nitda.gov.ng - Nigeria Data Protection Commission (NDPC) — data protection enforcement
https://ndpc.gov.ng - Federal Competition & Consumer Protection Commission (FCCPC) — consumer protection
https://fccpc.gov.ng
Fintech companies currently navigate overlapping approval and licensing processes — slowing innovation and creating uncertainty for both local and international investors.
✅ What the Bill Proposes
The new commission would:
✔ Consolidate fintech regulation under one centralized authority
✔ Standardize licensing requirements for digital financial services
✔ Strengthen consumer protection and reduce fraud risks
✔ Improve investor confidence through clearer rules
✔ Align oversight with rapid technological advances — such as digital payments, lending, and virtual assets
If passed, this reform would reshape Nigeria’s financial governance framework and improve the business environment for startups, venture investors, and global fintech operators.
🏦 Strengthening Nigeria’s Position as a Fintech Leader
Nigeria is recognized as Africa’s largest fintech market, driven by powerful players like Paystack, Flutterwave, and Moniepoint — and a fast-growing digital finance culture.
This bill signals Nigeria’s long-term commitment to:
✅ Innovation
✅ Financial inclusion
✅ Digital economic growth
A unified regulatory approach would help maintain the country’s competitive edge while safeguarding consumers and stabilizing the ecosystem.
As the bill progresses through the legislative process, fintech stakeholders across Nigeria and beyond will be watching closely. A streamlined, efficient, and innovation-friendly regulatory environment could unlock even more opportunities for the country’s digital finance industry.
