Nigeria’s fintech success has created a predictable political question: when an industry grows quickly, attracts capital and begins to touch millions of citizens, should the state build a new institution around it? That is the question now before lawmakers considering a bill to establish a Nigerian Fintech Regulatory Commission. The House of Representatives has framed the proposal as a cure for fragmentation. Speaker Tajudeen Abbas said the aim is to remove duplication, clarify oversight and strengthen investor and consumer confidence in an industry lawmakers say is worth about $230 billion, with over 430 fintech firms active in 2025 and a combined valuation of $10.6 billion for nine firms by January 2026. The case sounds attractive because Nigeria’s regulatory map is undeniably crowded: the CBN governs payments and many licensed operators, the SEC covers investment and digital asset issues, the FCCPC has moved into digital lending, the NDPC oversees data, and the NCC shapes the telecom rails on which much of digital finance runs.