How Nigerian fintechs can prepare for a unified regulator
In October, Nigeria's House of Representatives began considering a bill...
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In October, Nigeria’s House of Representatives began considering a bill that would create a unified regulatory body for fintechs in the country. The bill, if passed, would empower the Nigerian Fintech Regulatory Commission to license and dictate the terms of engagement for fintechs.<br />
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Fintechs have played a key role over the last decade in advancing the government’s financial inclusion goals. In that time, early movers like Interswitch and Paga built payment rails that drove large numbers of Nigerians to conduct transactions online, and in 2024, nearly a trillion dollars was processed digitally, according to NIBSS.<br />
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So far, fintechs have been regulated by the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and the National Information Technology Development Agency (NITDA), among others.<br />
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Some experts have rallied behind a unified regulator, noting that it could bring more regulatory clarity; others have pointed out that the existing agencies are fit for purpose. While the legislative process continues, fintechs must begin to prepare for a world where regulatory unification is the norm.<br />
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What a unified regulator means for fintech operations<br />
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Ideally, a unified regulatory body should go beyond simplifying oversight. Institutions will need to demonstrate stronger data governance, more rigorous auditability, and clearer processes for protecting consumers. Every transaction and every system interaction will be expected to meet a consistent standard, rather than navigating slightly different rules from multiple agencies.<br />
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Fintechs will be expected to implement robust systems for collecting, storing, and analysing data. Regulators will look for traceable audit trails, clear data lineage, and structured reporting. This means no ad hoc spreadsheets or scattered logs as every piece of information must be verifiable and easily accessible for audits. <br />
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A unified regulator also typically enforces uniform standards for consumer protection. This includes transparent dispute reso...
