The House of Representatives on Monday held a public hearing on a bill seeking to establish a Nigerian Fintech Regulatory Commission, as lawmakers disclosed that the country’s financial technology industry is valued at about $230bn.
Sponsor of the bill, Mr Kayode Laguda, made the disclosure in Abuja during the hearing on the proposed legislation attended by regulators, operators, investors and other stakeholders in the financial sector.
According to the Lagos lawmaker, the proposed commission is intended to strengthen oversight of the rapidly expanding industry, boost investor confidence and protect users of digital financial services.
Laguda noted that Nigeria’s fintech sector is currently regulated by multiple agencies, including the Central Bank of Nigeria, the Securities and Exchange Commission, the Federal Inland Revenue Service and the National Information Technology Development Agency.
He said, “As of January 2024, Nigeria had 250 fintech companies, while the market value of the Nigerian fintech industry was projected to be around $230bn according to a McKinsey & Company report. As of January 2026, nine of the fintech firms had a combined valuation of $10.6bn, 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.
“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 $800m in market shares.”
Laguda explained that the proposed Nigerian Fintech Regulatory Commission would provide a unified regulatory framework for operators and investors in the sector.
He said the body would enforce standards and codes of practice, protect consumers from digital fraud and ensure that investors and businesses operate within a stable regulatory environment.
He added that the Commission will operate as an independent institution to protect all fintech businesses and customers across Nigeria from digital threats, scams and online fraud.
Also speaking, Chairman of the House Committee on Digital and Electronic Banking, Mr Emmanuel Ukpong-Udo, said the bill seeks to address regulatory gaps created by the rapid expansion of the sector.
He said, “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. Thus, this bill seeks to address these challenges in a structured and comprehensive manner.”
According to him, the proposed framework would be aligned with existing regulators to avoid duplication and institutional conflict.
Speaker of the House, Mr Tajudeen Abbas, described the hearing as an important step towards creating a coordinated legal framework for the industry.
He said fintech had become a major driver of financial inclusion in Nigeria, helping to expand access to credit, support small businesses and create jobs.
Abbas, however, expressed concern over the slow pace of regulatory response to the industry’s growth.
“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,” he stated.
Nigeria’s fintech sector has expanded rapidly in the past decade, driven by high mobile phone penetration, a large unbanked population and increasing demand for digital financial services.
However, operators have continued to raise concerns over regulatory overlaps, licensing bottlenecks and policy uncertainties, as they often deal with multiple agencies depending on the services they provide.
Stakeholders believe a unified regulatory framework will help sustain investor confidence, deepen financial inclusion and ensure that innovation in the sector is properly supervised.
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