A invoice in search of to determine the Fintech Regulatory Fee has handed its second studying on the Home of Representatives.
The proposed laws, sponsored by Fuad Laguda, member representing Surulere I Federal Constituency of Lagos State beneath the All Progressives Congress (APC), superior throughout Tuesday’s plenary session.
Presenting the invoice, Laguda mentioned the initiative goals to supply a complete authorized and regulatory framework for Nigeria’s quickly increasing monetary expertise trade.
He famous that hundreds of thousands of Nigerians now rely on digital cost methods, cell cash platforms, and different fintech providers for his or her day by day monetary transactions, making oversight each well timed and needed.
“The necessity for regulation has grown exponentially in recent times. The absence of a transparent framework has raised issues about client safety, monetary stability, and the prevention of monetary crimes,” Laguda mentioned.
Based on him, the proposed fee can be accountable for making certain compliance with operational requirements, defending customers’ pursuits, and selling innovation inside the fintech ecosystem.
He added that the company would additionally assist stability innovation with prudential oversight to minimise dangers to the monetary system.
The lawmaker defined that the brand new physique would complement the efforts of current regulators such because the Central Financial institution of Nigeria (CBN), the Securities and Change Fee (SEC), and the Nationwide Info Know-how Improvement Company (NITDA), which have all been grappling with the fast-evolving digital finance area.
Nigeria’s fintech sector has skilled speedy development in recent times, prompting regulatory businesses to strengthen supervision and enforcement. In October 2024, the SEC introduced plans to tighten oversight of fintech operations to stop fund mismanagement and guarantee compliance with current legal guidelines.
The invoice has been referred to the related Home committees for additional consideration and legislative enter earlier than being introduced for a 3rd studying.
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