Nigeria’s financial technology (fintech) sector, one of Africa’s fastest-growing, is set for a new era of oversight and innovation with the proposed Nigerian Fintech Regulatory Commission Bill. The bill, recently introduced at the National Assembly, seeks to establish a comprehensive regulatory framework for fintech operations in the country while safeguarding consumers and promoting responsible innovation.
According to lawmakers, the commission will serve as the primary regulatory body for all fintech activities in Nigeria, bridging existing gaps between the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and other financial regulators. The aim is to create a unified and transparent system that supports growth, protects users, and mitigates risks associated with digital financial services.
Key provisions of the bill include licensing and supervision of fintech operators, establishment of operational standards, data protection requirements, and enforcement of compliance measures. The proposed commission will also monitor emerging sectors such as blockchain, digital lending, payment solutions, and crowdfunding platforms to ensure ethical practices and financial stability.
A major highlight of the legislation is consumer protection. The bill mandates fintech companies to adopt clear disclosure policies, ensure fair pricing, and maintain complaint resolution systems. It also proposes penalties for predatory lending, unauthorized data use, and fraudulent activities within the fintech space.
Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, Senator Tokunbo Abiru, stated that the bill will help “build confidence in Nigeria’s fintech ecosystem, attract foreign investment, and guarantee that consumers are not exploited in the rapidly expanding digital finance market.”
Industry experts have praised the bill as a timely development. They believe that a dedicated fintech regulator will streamline operations, reduce regulatory overlaps, and provide clarity for startups navigating Nigeria’s complex financial laws.
If passed, the Nigerian Fintech Regulatory Commission Bill is expected to position Nigeria as a model for fintech governance in Africa—balancing innovation with accountability, expanding financial inclusion, and ensuring that digital finance continues to serve both economic growth and public trust.
Leave a Reply