By 
By Osasome, C.O
Bill Proposes New Oversight Framework for Nigeria’s Fintech Sector
Nigeria’s House of Representatives has moved to strengthen oversight of the country’s fast-growing financial technology sector with the advancement of a bill seeking to establish a dedicated Nigerians Fintech Regulatory Commission.
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The proposed legislation, titled “A Bill for an Act to Provide for the Establishment of Nigerians Fintech Regulatory Commission in Nigeria and for Related Matters, 2025,” has scaled second reading and is scheduled for a public hearing this week.
Why the Bill Matters for Africa’s Largest Fintech Hub
Nigeria remains a dominant force in Africa’s fintech ecosystem, accounting for about 28 per cent of fintech companies on the continent, with the sector projected to be valued at over $X billion by 2026. The industry is heavily concentrated in digital payments, lending, and agency banking, and has continued to expand despite heightened regulatory scrutiny.
Major players such as Flutterwave, OPay, Interswitch, and Moniepoint have helped drive financial inclusion by providing faster and more accessible digital financial services.
Currently, the sector is primarily regulated by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
Scope and Mandate of the Proposed Fintech Commission
Sponsored by Fuad Laguda, the bill was referred to multiple House committees, including those on Digital and Electronic Banking, Banking Regulations, Science and Technology, Communications, and Capital Market and Institutions.
According to its explanatory memorandum, the bill seeks to establish a comprehensive legal framework for fintech operations in Nigeria. The proposed Commission would be responsible for:
- Licensing, regulating, and supervising fintech service providers
- Promoting fair competition and transparency
- Developing performance and service standards
- Facilitating local and foreign investment into the fintech ecosystem
The bill also prohibits the operation of fintech services without a valid licence and prescribes penalties for violations.
Governance Structure and Funding
Under the proposed law, the Commission would operate through specialised departments and maintain regional offices across Nigeria’s six geopolitical zones.
A 14-member Governing Board, comprising a Chairman and Commissioners representing each geopolitical zone, would oversee its activities. Board members are required to possess expertise in finance, public administration, or related fields, must be Nigerian citizens, and are barred from holding conflicting interests during their tenure.
Financially, the Commission would be empowered to establish a fund sourced from National Assembly appropriations, licensing fees, and other approved revenues. It would also submit annual financial reports to the National Assembly for oversight.
Role of the Finance Minister and National Fintech Management Council
The bill assigns responsibility for overall fintech policy direction to the Minister of Finance. Under the bill, the minister must consult the Commission and the public before implementing policy changes.
It also proposes the creation of a National Fintech Management Council to support the Minister in international fintech engagements, data gathering, and sector-wide coordination. The Council would include representatives from relevant government agencies and advisory bodies.
Consumer Protection and Dispute Resolution
A key focus of the proposed legislation is consumer protection. The Commission would be mandated to:
- Establish consumer codes of conduct
- Enforce quality-of-service standards
- Provide structured complaint resolution and dispute management mechanisms
The Commission would also have powers to conduct inquiries, publish findings, and maintain official registers of fintech licences and agreements.
Industry Outlook Amid Regulatory Evolution
Nigeria’s fintech sector is rapidly evolving beyond payments into embedded finance, buy-now-pay-later (BNPL), wealth management, and crypto-related services, with digital transactions reportedly exceeding ₦1 quadrillion in volume.
Compliance remains a core requirement. Fintech operators expected to adhere strictly to AML and CFT regulations, increasingly supported by AI-driven fraud detection tools.
