SENATE PUSHES BILL TO TIGHTEN FINTECH REGULATION
The Senate on Thursday passed for second reading a bill seeking stronger regulation of Nigeria’s fast-growing fintech sector.
Sponsored by Senator Tokunbo Abiru, the bill proposes amendments to BOFIA 2020 to allow the Central Bank of Nigeria designate and closely supervise systemically important fintech operators such as mobile money firms, digital lenders and payment companies.
Senator Abiru said the rapid growth of technology-driven financial services demands updated laws to manage risks and protect consumers.
During debate, Senator Natasha Akpoti-Uduaghan stressed the need to safeguard Nigeria’s digital economy and raised concerns about low earnings for Nigerian content creators compared to their foreign counterparts.
The bill has been forwarded to the relevant committee for further consideration.
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