Reps Advance Bill To Establish Fintech Regulatory Commission

The House of Representatives has taken steps towards creating a dedicated regulatory body for the growing financial technology sector in the country.

A bill sponsored by Fuad Kayode Laguda proposes the establishment of a Nigerian Fintech Regulatory Commission to oversee licensing, regulation and supervision of fintech operators across the country.

The legislation has been referred to several committees, including those on digital and electronic banking, banking regulations, science and technology, communications, and capital markets.

A public hearing is scheduled for 2nd of March.

According to the bill’s explanatory memorandum, the proposed commission would provide a legal framework for the fintech industry, promote the implementation of a national policy, and ensure consumer protection and fair competition.

It would be governed by a 14-member board comprising a chairman and representatives from each geopolitical zone.

Board members must have relevant professional expertise and would not be allowed to hold conflicting interests while in office.

The commission would be funded through parliamentary appropriations and licensing fees, with annual financial reports submitted to lawmakers.

Under the proposal, the finance minister would oversee general fintech policy in consultation with the commission, supported by a National Fintech Management Council to handle international engagement and data matters.

If enacted, the law would make it an offence to operate fintech services without a licence and would grant the commission powers to regulate licensing, resolve disputes and enforce consumer protection standards.

Oduyemi Odumade, Edited By Grace Namiji