The House of Representatives has taken a significant step toward reforming Nigeria’s fast-growing digital financial sector as it considered the bill to establish the Nigerian Fintech Regulatory Commission (NFRC) for the licensing, supervision, and regulation of fintech companies and their business activities in Nigeria.
The proposed legislation, sponsored by Fuad Laguda (APC, Lagos), scaled second reading during Tuesday’s plenary.
Leading the debate on the general principles of the bill, Mr Laguda said the legislation seeks to create a statutory body responsible for the licensing, supervision, and regulation of Financial Technology (Fintech) companies and se
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