The House of Representatives has set up an ad-hoc committee to review regulations and security concerns linked to cryptocurrency and Point-of-Sale operations across Nigeria.
Speaker Tajudeen Abbas, who inaugurated the committee on Monday in Abuja, said the move followed rising cases of fraud, cybercrime, and consumer exploitation in the digital finance space.
He said the committee would develop a framework to regulate virtual asset service providers, including cryptocurrencies, to ensure transparency and protect consumers.
“It is because of the absence of clear rules, coupled with the volatility and complexity of the technology, that the House of Representatives found it imperative to establish regulations and consumer protection measures,” Abbas said.
The Speaker noted that the committee would hold public hearings to gather input from stakeholders before drafting legislation to strengthen oversight of digital finance in the country.
The House had earlier in November 2024 resolved to summon the Central Bank Governor, Olayemi Cardoso, and chief executives of deposit money banks to address fraud linked to undocumented POS transactions.
According to the lawmakers, lack of proper documentation allows identity theft, money laundering, and unauthorised transactions.
Chairman of the committee, Olufemi Bamisile, said the task was to strike a balance between financial innovation and national security.
“We have been entrusted with a task of national significance: to review the economic, regulatory, and security implications of cryptocurrency adoption and POS operations in Nigeria,” he said.
Bamisile added that while digital platforms have created opportunities for financial inclusion, they also pose risks such as fraud, terrorism financing, and regulatory uncertainty.
He said the committee would work with the Central Bank of Nigeria, Securities and Exchange Commission, EFCC, NFIU, ICPC, NDIC, and the Nigeria Police Force to create an effective regulatory system.
He assured that the committee would adopt a consultative and evidence-based process to ensure innovation thrives while protecting citizens and the integrity of Nigeria’s financial system.
