The Speaker House of Representatives Abbas Tajudeen says it is important to establish a Commission that would act as a coordinating body of digital financial platforms such that will eliminate duplication, and streamline processes.
This he stated at a One-day Public engagement on a Bill for an Act to provide for the establishment of a Nigerian Fintech regulatory Commission organized by the Joint Committees on Digital and electronic Banking, Banking regulations, Science and Technology, Communication and Capital Market and Institutions.
The Committees chaired by Rep. Emmanuel Ukpong-Udoh, while welcoming stakeholders, noted that the Proposed legislation if passed, would create and empower a specialised and independent regulatory authority to provide oversight on fintech activities.
In his presentation, the sponsor of the Bill Rep. Kayode Laguda maintained that
Nigerian Fintech Regulatory Commission, if established, will not only protect Nigerians from digital frauds but build their trust in digital platforms.
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While advocating for slight amendments in the provisions, several digital financial platforms whose representatives spoke at the event, however threw their weights behind the legislation.
Upon receiving the contributions and submissions of stakeholders present, the Joint committees pledged to submit all recommendations before the House for further legislative actions.
