On Tuesday, October 28, 2025, the House of Representatives approved the Nigerian Fintech Regulatory Commission Bill (HB.2389) for its second reading. The bill, sponsored by Hon. Fuad Kayode Laguda, intends to address critical issues in the regulatory framework governing Nigeria’s fintech sector.
Currently, the fintech industry operates under the oversight of multiple regulatory bodies, including the Central Bank of Nigeria (CBN), which regulates payments and banks; the Securities and Exchange Commission (SEC), which oversees capital markets and virtual assets; the National Information Technology Development Agency (NITDA) along with the Nigeria Data Protection Commission (NDPC), which manage data and the digital economy; and the Federal Competition and Consumer Protection Commission (FCCPC), which focuses on consumer protection in digital lending.
The proposed legislation seeks to establish a single, specialized statutory body, the Nigerian Fintech Regulatory Commission, to provide comprehensive oversight for all fintech activities within the country. This unified approach aims to simplify the current regulatory environment, ensuring more consistent and efficient governance.
By streamlining regulatory processes, the bill is expected to foster innovation and attract investment in Nigeria’s rapidly evolving fintech landscape. The passage of this legislation signifies a pivotal shift in Nigerian financial law, consolidating the authority for licensing, regulation, and supervision of fintech companies and moving away from the existing, fragmented structure.
