Nigeria Moves Toward Unified Oversight with Proposed Fintech Regulatory Commission

Nigeria’s House of Representatives has taken a major step toward reshaping the nation’s financial technology (fintech) regulation with the advancement of the Nigerian Fintech Regulatory Commission Bill (HB.2389) to its second reading.

The proposed legislation, sponsored by Hon. Fuad Kayode Laguda, seeks to address Nigeria’s fragmented regulatory environment by establishing a single statutory body, the Nigerian Fintech Regulatory Commission, that will oversee all fintech activities across the country.

A Unified Approach to Fintech Regulation

Currently, Nigeria’s fintech sector is regulated by multiple agencies, including:

• The Central Bank of Nigeria (CBN) – responsible for banking and payment systems
• The Securities and Exchange Commission (SEC) – overseeing capital markets and virtual assets
• The National Information Technology Development Agency (NITDA) and the Nigeria Data Protection Commission (NDPC) – focused on digital and data governance
• The Federal Competition and Consumer Protection Commission (FCCPC) – ensuring consumer protection in lending and financial services

This overlapping regulatory framework has often led to compliance complexity, delays in licensing, and regulatory uncertainty for fintech companies and investors.

The proposed Fintech Regulatory Commission aims to consolidate these functions, providing coordinated oversight, streamlined licensing, and clearer compliance guidelines.

Driving Innovation and Investor Confidence

If enacted, the bill would represent one of Nigeria’s most significant structural reforms in financial governance. It would align the regulatory framework with the rapid pace of technological change, fostering a more predictable and innovation-friendly environment for startups, investors, and established players in the fintech space.

By centralizing oversight, the Commission is expected to improve transparency, reduce duplication, and encourage responsible innovation, while ensuring consumer protection remains at the forefront of policy design.

Strengthening Nigeria’s Fintech Leadership in Africa

The move underscores Nigeria’s ambition to consolidate its position as Africa’s leading fintech hub. With over 200 active fintech startups and significant investment inflows, the sector continues to play a pivotal role in financial inclusion and the digital economy.

Through this bill, Nigeria is signaling its commitment to balancing innovation with robust regulation, ensuring sustainable growth for one of its most dynamic economic sectors.