Nigeria’s Fintech Regulatory Bill Advances: Key Elements Revealed
Nigeria’s dynamic financial technology sector is set for a significant transformation as the Nigerian Fintech Regulatory Commission Bill, 2025, successfully passed its second reading during a recent plenary session. This pivotal legislative move, championed by Fuad Laguda, the All Progressives Congress (APC) representative for Surulere I Federal Constituency of Lagos State, aims to establish a robust and all-encompassing regulatory framework for the nation’s rapidly expanding fintech industry. The passage signals a commitment to formalizing and structuring the burgeoning digital financial landscape across Africa’s largest economy, addressing the increasing need for clear guidelines in fintech services.
The Scope and Mandate of the Proposed Commission
Comprising 124 sections, this comprehensive bill is designed to apply to all financial technology services rendered within Nigeria. Its jurisdiction extends to any facility or device operating within the country, including services provided via Nigerian-registered ships and aircraft, underscoring its broad reach. A core element of the proposed legislation is the establishment of the Nigerian Fintech Regulatory Commission. This new governmental body will be endowed with the critical authority to oversee, license, supervise, and enforce stringent standards throughout the entire fintech ecosystem. The Commission’s mandate includes ensuring that fintech services are accessible to all citizens on fair, reasonable, and non-discriminatory terms, and is also tasked with protecting the rights of consumers within this digital financial space. This regulatory oversight is crucial for fostering trust and stability in Nigeria’s evolving financial services sector.
The advancement of this bill through its second reading marks a crucial step toward creating a structured environment for fintech operations in Nigeria. As the nation continues to be a hotbed for digital financial innovation, this legislative initiative promises to enhance investor confidence, promote healthy competition, and ensure that the benefits of fintech are distributed equitably across the population. Stakeholders within the African tech and financial sectors will be closely watching its further progress, anticipating the positive impact a well-regulated fintech landscape could have on Nigeria’s economic development.
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