How Nigerian fintechs can prepare for a unified regulator
- Nigeria's House of Representatives is reviewing a bill to establish a unified regulatory body for fintechs.
- The proposed Nigerian Fintech Regulatory Commission would license fintechs and dictate engagement terms.
- Fintechs have significantly contributed to Nigeria's financial inclusion goals, processing nearly a trillion dollars digitally in 2024.
The establishment of a unified regulatory body for fintechs in Nigeria could significantly enhance the industry's operational framework and consumer trust. However, it is crucial that the regulatory body is equipped to adapt to the rapidly evolving fintech landscape to avoid stifling innovation.
