The Nigerian House of Representatives successfully passed the Nigerian Fintech Regulatory Commission Bill (HB. 2389) for its second reading on October 28, 2025.
This legislative progression is a pivotal step towards restructuring the regulatory framework governing the country’s burgeoning fintech sector. Nigeria’s current fintech ecosystem faces regulatory complexity due to fragmented oversight distributed among various agencies, primarily the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC). This multi-regulator approach often results in conflicting requirements and significant compliance hurdles.
The proposed Bill aims to resolve this fragmentation by establishing a single, specialized statutory body: the Nigerian Fintech Regulatory Commission. If enacted, this Commission will provide comprehensive and unified oversight for all fintech activities, consolidating licensing, supervision, and enforcement.
The creation of this specialized body is anticipated to introduce greater regulatory clarity and predictability. For start-ups, a single point of regulatory contact is expected to reduce compliance costs and accelerate time-to-market.
Ultimately, this unified framework is projected to enhance investor confidence, promote responsible innovation, and solidify Nigeria’s position as a dynamic hub for digital financial services across the African continent.
