Like many in Nigeria’s fintech ecosystem, I’ve been following the discussions around the proposed National Fintech Regulatory Commission Bill with great interest. The idea of a unified body overseeing all fintech activity in Nigeria is ambitious and could be transformative. Yet, as with any major policy change, the outcome will depend on careful design and implementation and on how well it builds on the systems that already work today.
Nigeria already has strong regulatory institutions in place. The Central Bank of Nigeria (CBN) has played a central role in nurturing fintech growth while overseeing critical areas like payments, open banking, and foreign exchange, while the Securities and Exchange Commission (SEC) has contributed through oversight of crowdfunding, digital assets, and other emerging fintech activities.
Given this strong foundation, my view is that the proposed National Fintech Regulatory Commission could be highly beneficial if designed as a single, harmonised authority consolidating existing oversight functions. A unified structure, similar to the UK’s Financial Conduct Authority, could simplify licencing, improve coordination, and enhance transparency. However, if the commission simply adds another layer on top of these existing bodies without clear integration, it risks creating complexity and slowing market entry. In that case, reform efforts might be better focused on empowering the current institutions, clarifying their mandates, and strengthening collaboration, while ensuring fintechs can navigate compliance efficiently.
This brings us to why compliance is so central to this discussion. When well-designed, it supports growth while protecting consumers, enhancing transparency, and building confidence among global partners and investors who value predictability and stability in emerging markets. The challenge lies in striking a balance: overly burdensome compliance risks slowing innovation, while adaptive regulation that evolves alongside technology can support growth and maintain Nigeria’s status as a leading fintech hub in Africa.
One of the biggest opportunities a unified commission could unlock lies beyond Nigeria’s borders. Interoperability remains a major challenge across Africa, both between banks and between fintech platforms. Only around 16–20% of trade on the continent is intra-African, and cross-border payments remain expensive and slow. By enabling “regulatory passporting,” where a fintech licenced in Nigeria can operate seamlessly across other African markets under mutual recognition agreements, the country could facilitate trade, enhance liquidity, and establish itself as a regional fintech leader. Such a model could create a framework for cross-border collaboration that strengthens both local and regional financial systems.
Finally, the success of any new regulatory framework depends on inclusive stakeholder engagement. Fintech founders, payment operators, investors, and other key participants must be involved early in the process through roundtables, workshops, and consultations. These conversations ensure that new regulations reflect operational realities, support both local and foreign investment, and identify potential challenges before legislation is enacted. Collaborative engagement will also foster trust between the government and the industry, ultimately resulting in a framework that strengthens oversight, promotes compliance, protects consumers, and encourages sustainable innovation.
The path ahead for Nigeria’s fintech sector is promising, but it requires careful navigation. Done right, a unified regulator can streamline oversight, enhance compliance, and unlock new opportunities for innovation, trade, and investment, ensuring that Nigeria continues to lead the way as Africa’s fintech powerhouse.
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Dr. Austin is a leader in the field of payment and FinTech services, boasting over a decade of industry experience. Currently serving as the Country Director for Verto in Nigeria, Austin is instrumental in driving strategic growth and ensuring operational excellence for the company.
