Philip Nyam 
The Speaker of the House of Representatives, Hon. Tajudeen Abbas, on Monday, stated that the efforts of the parliament in establishing the Nigerian Fintech Regulatory Commission were aimed at making the country the leading financial technology hub in Africa.
Abbas stated this while declaring the public hearing organised by the House Joint Committees on Digital and Electronic Banking, Banking Regulations, Science and Technology, Communication and Capital Market Institutions on a Bill for an Act to Provide for the Establishment of the Nigerian Fintech Regulatory Commission and for Related Matters.
He said, “This Hearing marks a significant step in the effort to position Nigeria as a leading financial technology hub in Africa, and a major player in the global fintech industry. In the last few years, our country has seen consistent growth and innovations in digital payments, blockchain technology, digital assets, crowdfunding, and other forms of embedded finance.
“Fintech has therefore become a major tool for advancing financial inclusion in a country with one of the largest unbanked populations in the world. It has created thousands of new jobs for our youth, brought in appreciable investment, and supported small and medium enterprises in line with President Tinubu’s Renewed Hope Agenda for inclusive growth”.
The Speaker lamented that, unfortunately, regulation has not been able to keep pace with the speed of innovation in the sector, saying, “The absence of a single coordinated framework for fintech oversight has led to fragmented regulations, compliance difficulties, and general uncertainties for investors and consumers alike. It therefore becomes necessary to establish a Commission that will act as a coordinating body and eliminate duplication, streamline processes and remove the barriers that stifle innovation”.
In his welcome address, Chairman of the House Committee on Digital and Electronic Banking, Hon. Emmanuel Ukpong-Udo, said the public hearing reflects the commitment of the House of Representatives to building a responsive and forward-looking legal framework that keeps pace with the rapid evolution of financial technology in Nigeria.
“I commend the sponsor of the bill, Hon. Fuad Kayode Laguda, members of the committee, and all stakeholders present for their dedication to strengthening Nigeria’s digital financial ecosystem”.
He stated that “The 10th House of Representatives recognises that financial technology is no longer a peripheral segment of our economy; it is a central pillar of financial inclusion, youth entrepreneurship, innovation, and economic competitiveness.
“Nigeria has emerged as one of Africa’s leading fintech hubs, attracting significant domestic and foreign investment, driving digital payments adoption, and expanding access to credit and financial services. However, this rapid growth has also exposed regulatory fragmentation, compliance uncertainties, consumer protection gaps, and supervisory overlaps.”
In his goodwill message, the sponsor, Hon. Fuad Laguda, said he sponsored the bill when he discovered that Nigeria has no single regulatory authority regulating businesses, practices, and operations of fintech operators and service providers, despite their impact on national growth and development.
According to him, “Creation of this Regulatory Commission will enhance the profitability of fintech businesses and the security of fintech users. Currently, the Nigerian fintech sector is regulated by these organisations, namely: CBN, SEC, NITDA, NOTAP and FIRS.
“This industry is governed by fragmented regulatory frameworks, which threaten the confidence of fintech stakeholders. Rather than interfacing with multiple regulators, fintech stakeholders will only interface with the NFRC, thereby enabling ease of doing business for them.
Earlier reports from the African Development Bank, BusinessDay, Statista, and Financial Times revealed that the Nigerian fintech industry is valued at over $500 million, with over 103 registered fintech startups between 2020 and 2021, due to the COVID-19 lockdown. In September 2021, the fintech industry had raised over $800 million in market shares. Daily Trust reported on 24th February 2026 that Nigeria’s fintech startups raised over $520 million in equity funding in 2024.
“As of January 2024, Nigeria has 250 fintech companies, while the market value of the Nigerian fintech industry was projected to be around $230 billion according to a McKinsey & Company report. As of January 2026, nine (9) of the fintech firms have a combined valuation of $10.6 billion, with over 430 fintech firms in 2025. Nigeria’s fintech industry had over 108 billion mobile money transactions, amounting to over $1.6 billion in 2024.
“Nigerian Fintech Regulatory Commission, if established, will enforce standards, rules, and codes of practice for operators and investors. For the customers, the Commission will adequately protect them from digital fraud and build their trust in digital platforms”.
