Senate Moves to Regulate Online Transactions as Senator Oshiomhole Raises Concerns Over OPay, Kuda and Others
Ayo Marvel 
The Senate on Thursday passed the second reading of a bill seeking to amend the Banks and Other Financial Institutions Act (BoFIA) to provide for the designation, registration, and enhanced supervision of systemically important institutions, including Fintechs.
The move aims to regulate online financial transactions in Nigeria, which run into millions of dollars and billions of naira daily.
Some prominent Fintech companies in Nigeria include Paga, Opay, MoniePoint, Kuda, PayStack, FairMoney, PalmPay, and PiggyVest. Currently, Nigeria lacks a comprehensive law directly regulating Fintechs outside Central Bank of Nigeria (CBN) guidelines.
Senator Abiru Mukhail Adetokumbo (APC, Lagos-East), sponsor of the bill and Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, explained that the legislation would enhance accountability, safety of operations, and protection of investors, while allowing proper revenue assessment of Fintech firms.
Contributing to the debate, former NLC President Senator Adams Oshiomhole recounted his personal experience of being hacked via a Fintech platform, emphasizing the lack of accountability due to unclear ownership structures. Senator Natasha Akpoti-Uduagham highlighted revenue disparities for content creators using digital platforms, citing regulation as a key factor.
The Senate referred the bill to its Committee on Banking, Insurance, and Other Financial Institutions for further legislative work.
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Emmanuel Femi Adedayo 
Ademola Busayo 