Nigeria Moves Toward Unified Oversight with Proposed Fintech Regulatory Commission

The House of Representatives has advanced the Nigerian Fintech Regulatory Commission Bill (HB.2389) to its second reading, marking a crucial step toward reshaping the country’s approach to fintech oversight.

Sponsored by Hon. Fuad Kayode Laguda, the proposed legislation seeks to streamline Nigeria’s fragmented regulatory landscape by creating a single statutory body — the Nigerian Fintech Regulatory Commission — that will oversee all financial technology activities across the nation.

At present, the sector operates under multiple agencies, including the Central Bank of Nigeria (CBN) for banking and payments, the Securities and Exchange Commission (SEC) for capital markets and virtual assets, the National Information Technology Development Agency (NITDA) and the Nigeria Data Protection Commission (NDPC) for digital and data governance, and the Federal Competition and Consumer Protection Commission (FCCPC) for consumer protection in lending and financial services.

The proposed commission would consolidate these overlapping functions, offering coordinated oversight and unified licensing processes for fintech companies. This is expected to improve regulatory clarity, reduce compliance complexity, and provide a more efficient environment for innovation and investment.

If enacted, the bill would represent a major structural reform in Nigeria’s financial governance framework, aligning regulation with the pace of technological change and fostering a more predictable business climate for startups, investors, and established players in the digital finance space.
The move underscores Nigeria’s broader ambition to strengthen its fintech ecosystem, enhance consumer protection, and sustain its position as one of Africa’s leading fintech hubs.