Nigeria moves to create single powerful regulator for fintechs with proposed bill
- The Nigerian Fintech Regulatory Commission (NFRC) is proposed to regulate all fintechs in Nigeria.
- The NFRC will replace the current oversight by multiple agencies, creating a single gateway for compliance.
- Fintechs will need to obtain individual or class licenses based on their activities, with strict penalties for non-compliance.
Tech Labari - Oct 29, 2025
Nigeria Moves to Create Single Regulator for Fintechs
Nigeria's House of Representatives is considering a bill to create the Nigerian Fintech Regulatory C
The establishment of the NFRC could significantly enhance the regulatory landscape for fintechs in Nigeria, promoting clarity and consumer protection. However, the increased compliance burdens may pose challenges for startups, necessitating a balance between regulation and innovation to foster growth in the sector.
