A bill seeking to create a comprehensive legal and institutional framework for the regulation of Nigeria’s fintech industry has been scheduled for public scrutiny on Monday March 2
The House of Representatives of Nigeria has commenced legislative action to establish a dedicated regulatory body for Nigeria’s fast-growing financial technology sector.
The move follows the progress of a bill sponsored by Rep. Fuad Kayode Laguda, titled “A Bill for an Act to Provide for the Establishment of the Nigerian Fintech Regulatory Commission and for Related Matters, 2025.”
The bill has been referred to the relevant House Committees on Digital and Electronic Banking, Banking Regulations, Science and Technology, Communications, as well as Capital Market and Institutions.
A public hearing on the proposed legislation has been scheduled for Monday, March 2, 2026.
According to the bill’s Explanatory Memorandum, the proposed law seeks to create a comprehensive legal and institutional framework for the regulation of Nigeria’s fintech industry. When established, the Nigerian Fintech Regulatory Commission will be responsible for the licensing, regulation and supervision of fintech services across the country.
The bill further provides that the commission will promote the implementation of the national fintech policy, establish regulatory authority for the sector, and safeguard consumer rights. It will also be mandated to facilitate investments, ensure fair competition and develop performance standards for fintech operations.
Structurally, the commission is expected to operate through specialised departments, with regional offices across Nigeria’s six geopolitical zones. Its affairs will be managed by a 14-member governing board, comprising a chairman and commissioners representing each geopolitical zone.
On eligibility, members of the governing board must be Nigerian citizens with proven expertise in finance, public administration or other relevant fields, and are prohibited from holding conflicting interests while in office.
The proposed legislation also grants the commission financial autonomy, including the power to establish a fund sourced from National Assembly appropriations, licensing fees and other approved revenue streams. The commission will be required to submit annual financial reports to the National Assembly for consideration.
Under the bill, the Minister of Finance retains responsibility for formulating and monitoring broad fintech policies but must consult the commission and allow for public input before implementing policy changes. A proposed National Fintech Management Council will support the Minister in international fintech engagements, data collection and sectoral development advice.
The bill also criminalises the operation of fintech services without a valid licence and prescribes penalties for violations. It empowers the commission to regulate licensing processes, resolve sector-related disputes, conduct inquiries, publish findings, and maintain official registers of licences and agreements.
In addition, the legislation contains provisions aimed at consumer protection and service quality assurance, including the development of consumer codes and structured complaint-resolution mechanisms aligned with regulatory standards.
