NIGERIA’S FINTECH INDUSTRY HITS S230BN, PROMPTING REPS TO CONSIDER REGULATORY COMMISSION
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By: Fasasi Hammad
The House of Representatives on Monday conducted a public hearing on a bill proposing the establishment of a Nigerian Fintech Regulatory Commission, with lawmakers highlighting that the country’s fintech industry is currently valued at approximately $230 billion.
The bill’s sponsor, Mr. Kayode Laguda, disclosed the figures in Abuja during the session attended by regulators, fintech operators, investors, and other stakeholders. He explained that the proposed commission aims to strengthen oversight of Nigeria’s rapidly growing fintech sector, boost investor confidence, and protect users of digital financial services.
Currently, Nigeria’s fintech industry is regulated by multiple agencies, including the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), Federal Inland Revenue Service (FIRS), and the National Information Technology Development Agency (NITDA), creating regulatory overlaps.
“As of January 2024, Nigeria had 250 fintech companies, with the sector valued at around $230bn according to McKinsey & Company,” Laguda said. “By January 2026, nine of these firms had a combined valuation of $10.6bn, with over 430 fintech firms recorded in 2025. The industry processed over 108 billion mobile money transactions, worth more than $1.6 billion in 2024.”
Laguda noted that the proposed regulatory commission would provide a unified framework for operators and investors, enforce standards and codes of practice, protect consumers from digital fraud, and ensure businesses operate in a stable regulatory environment. The body would function independently to safeguard fintech firms and customers across Nigeria from scams and cyber threats.
Mr. Emmanuel Ukpong-Udo, Chairman of the House Committee on Digital and Electronic Banking, emphasized that the bill seeks to close regulatory gaps created by the sector’s rapid growth.
“Fintech is no longer a peripheral segment; it is central to financial inclusion, youth entrepreneurship, innovation, and economic competitiveness. While Nigeria has become a leading fintech hub in Africa, this growth has revealed regulatory fragmentation, compliance uncertainties, and consumer protection gaps. This bill provides a structured and comprehensive solution.”
Speaker of the House, Mr. Tajudeen Abbas, described the hearing as a key step toward establishing a coordinated legal framework for the industry. He highlighted fintech’s role in expanding access to credit, supporting small businesses, creating jobs, and driving financial inclusion. Abbas also noted the slow pace of regulatory adaptation and stressed the need for a single, unified commission to streamline processes, eliminate duplication, and remove barriers that stifle innovation.
As Nigeria’s fintech sector continues to grow rapidly, stakeholders believe a unified regulatory framework will sustain investor confidence, ensure proper supervision, and foster innovation in the industry.
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