Nigeria Senate Urges CBN Fintech Oversight
Analysis based on 8 articles · First reported Mar 04, 2026 · Last updated Mar 06, 2026
The proposed strengthening of fintech regulation by the Nigeria===Central Bank of Nigeria is expected to increase investor confidence in Nigeria's financial sector by curbing fraud. This could lead to a more stable and transparent market environment, potentially attracting more legitimate investments.
The Senate Committee on Banking, Insurance and Other Financial Institutions has urged the Nigeria===Central Bank of Nigeria to enhance its oversight of financial technology firms and implement stricter regulations to combat rising financial fraud and Ponzi schemes in Nigeria. Senator Adetokunbo Abiru, chairman of the committee, advocated for legislation to place fintech operations under the direct supervision of the Nigeria===Central Bank of Nigeria and amend the Banks and Other Financial Institutions Act (BOFIA) 2020. This move aims to modernize the Nigeria===Central Bank of Nigeria's supervisory powers, improve coordination with other agencies like the Nigeria===Securities and Exchange Commission (Nigeria) and Nigeria===Nigerian Communications Commission, and promote data sovereignty and systemic stability within Nigeria's rapidly expanding fintech sector.
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