The House of Representatives has launched a review of the economic, regulatory, and security implications of cryptocurrency and Point-of-Sale (PoS) operations in Nigeria, a move aimed at protecting consumers and supporting innovation-driven businesses.
Speaker Tajudeen Abbas, who inaugurated the ad hoc committee in Abuja, said the initiative became necessary following rising cases of fraud, cybercrime, and consumer exploitation in the digital finance space.
He noted that while digital transactions have boosted financial inclusion and small business operations, the lack of a clear regulatory framework exposes the economy to risks such as money laundering and terrorism financing.
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Abbas explained that the committee would hold public hearings to gather input from key stakeholders, including regulators and financial operators, to guide the creation of a legal framework for virtual asset and PoS activities.
Committee Chairman, Hon. Olufemi Bamisile, said the exercise seeks to strike a balance between financial innovation and national security, ensuring that digital finance continues to empower entrepreneurs and small businesses without compromising system integrity.
The committee will collaborate with the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), Nigeria Deposit Insurance Corporation (NDIC), Economic and Financial Crimes Commission (EFCC), and other relevant agencies to produce actionable recommendations.
