Nigeria’s Lower House Moves to Tighten Oversight on POS and Crypto Amid Rising Fraud
Nigeria’s House of Representatives has initiated a significant step towards bolstering financial security by forming an ad hoc committee tasked with scrutinizing the operations of Point-of-Sale (POS) systems and cryptocurrencies across the nation. This decisive action, announced by Speaker Abbas Tajudeen, comes in response to a worrying surge in fraud and cybercrime incidents linked to these burgeoning digital payment and asset platforms. The urgency of this initiative is underscored by the staggering financial losses incurred by institutions, with over ₦50 billion reportedly lost to fraud in 2024, even as overall fraud incidents saw a decrease.
Charting a Regulatory Path for Digital Finance
The newly established committee, which will be chaired by Hon. Olufemi Bamisile, representing Ekiti South II, is poised to embark on a comprehensive review over the coming months. Its primary objective is to develop a robust regulatory framework that effectively addresses both POS and cryptocurrency operations. To achieve this, the committee plans to engage actively with various stakeholders, including financial institutions, security agencies, and other relevant bodies, through a series of public hearings. According to Hon. Bamisile, the committee’s mandate is broad, aiming to “examine the opportunities and challenges posed by cryptocurrency and POS operations, safeguard the integrity of our financial institutions.” This collaborative approach is designed to ensure that the eventual regulations are well-informed, balanced, and capable of fostering innovation while mitigating risks inherent in the rapidly evolving digital financial landscape.
This legislative move signals Nigeria’s commitment to creating a secure and reliable digital economy. By taking proactive measures to regulate POS and cryptocurrency activities, the House of Representatives aims to protect citizens and financial institutions from illicit activities, thereby fostering greater trust and stability within the nation’s financial ecosystem. The outcomes of the committee’s work are expected to have a profound impact on how these crucial financial tools are utilized and governed in Nigeria, setting a precedent for responsible digital transformation in the African tech space.
Keywords
Related Keywords: Nigeria crypto regulation, Nigerian POS fraud, cryptocurrency oversight Nigeria, cybercrime Nigeria POS, Nigeria financial fraud, digital asset regulation Nigeria, Nigerian House of Representatives crypto, POS terminal security Nigeria, Nigeria cybercrime law, financial crime Nigeria
