House of Reps Passes Bill To Regulate Fintech Operations In Nigeria
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A bill seeking to establish the Nigerian Fintech Regulatory Commission; a regulatory body whose statutory function is to monitor and regulate the rapid growth of the Fintech industry in Nigeria has passed through its second reading in the House of Representatives.
The bill sponsored by Fuad Laguda, lawmaker representing Surulere 1 Federal Constituency 1 of Lagos State underscored the need to address public concerns on commercial protection, financial stability and the prevention of financial crimes.
Laguda explained that the legislative framework became necessary following the exponential growth of Fintechs in recent years; with millions of Nigerians having to rely on digital payment platforms, mobile money services and other Fintech products for their financial transactions.
The lawmaker described as worrisome the lack of a clear regulatory framework which has led to concerns about the commercial protection, financial stability and prevention of financial crimes.
He explained that the objective of the proposed Nigerian Fintech Regulatory Commission bill is to give a clear regulatory framework for the operations of the Fintech industry.
The legislation, the lawmaker said would ensure that Fintech operators comply with the established standards and guidelines protect consumers by ensuring that fintech companies operate fairly, transparently, securely as well promote innovation in the Fintech sector; while minimising the risk to financial stability.
