Critical stakeholders in the digital financial sub-sector have expressed support for a proposed commission to license, supervise, and regulate Nigeria’s fintech companies, technologies, and service providers in the country.
The support came as the House of Representatives on Monday, held a public hearing on a Bill seeking to establish a Fintech regulatory commission for the purpose of regulating online financial transactions.
Speaking at the event organised by the House’s joint Committee on Banking and Technology, Acting National Chairman of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), Obioha Otto, said that the association is fully in support of the bill.
Commending the CBN and SEC for the regulatory work done over the years and for their contribution to the sector, he said “as the fintech market expands and technology evolves, it is also important for legislation to evolve as well.”
Chief Compliance Officer of Hydrogen Payment Services Company Limited, Ms. Mojisola Ologe also commended the National Assembly for formally recognising fintech as a strategic sector of Nigeria’s economy, saying that “these are strong foundations that, if properly harmonised, this legislation can position Nigeria as Africa’s most structured digital finance jurisdiction.”
Earlier, Speaker of the House, Abbas Tajudeen said Fintech has become a major tool for advancing financial inclusion in the country with one of the largest unbanked populations in the world. “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,” he said.
Chairman of the Committee on Digital and Electronic Banking, Emmanuel Ukpong-Udo in his remarks said the engagement “reflects the commitment of the House, to building a responsive and forward-looking legal framework that keeps pace with the rapid evolution of financial technology in Nigeria.”
