The House of Representatives has officially commenced legislative action to establish the Nigeria Fintech Regulatory Commission (NFRC). The proposed body is designed to serve as a specialized, one-stop authority to license, supervise, and regulate the nation’s rapidly evolving financial technology sector.
The initiative reached a milestone following a joint public hearing convened by the House Committees on Digital and Electronic Banking, Banking Regulations, Communications, Science and Technology, and Capital Market and Institutions.
During the hearing, Speaker of the House, Rt. Hon. Abbas Tajudeen, emphasized that the NFRC aims to eliminate regulatory fragmentation and provide much-needed clarity for both investors and consumers. While Nigeria has emerged as a premier African hub for digital payments and blockchain, the Speaker noted that current oversight has struggled to keep pace with the speed of innovation.
“The proposed Commission is not designed to compete with or undermine existing regulators like the CBN or SEC,” Speaker Tajudeen clarified. “Instead, it will function as a coordinating body focusing on emerging areas not fully captured under current frameworks, ensuring our digital finance ecosystem remains secure and competitive.”
The sponsor of the Bill, Hon. Fuad Kayode Laguda, highlighted the operational challenges currently facing the sector. Without a single point of contact, fintech firms are often forced to navigate a maze of multiple agencies, leading to significant bottlenecks.
Key industry data shared during the session underscores the urgency of this legislation:
Rapid Growth: The number of fintech firms in Nigeria jumped from 250 in early 2024 to over 430 in 2025.
High Valuation: As of January 2026, nine leading Nigerian fintechs hold a combined valuation of $10.6 billion.
Investor Appetite: Fintech startups successfully raised over $520 million in equity funding in 2024 alone.
The NFRC will be tasked with enforcing rigorous standards, protecting customers from digital fraud and online scams, and fostering a predictable environment for foreign and local investment.
Hon. Emmanuel Ukpong-Udo, Chairman of the House Committee on Digital and Electronic Banking, described the Bill as a “forward-looking” step for the digital economy. He called on all stakeholders, including banks, cybersecurity experts, and consumer groups to provide evidence based input to ensure the Bill is harmonized with existing laws to avoid jurisdictional conflicts.
