Nigeria’s House of Representatives has set up an ad hoc committee to review and strengthen the regulatory framework governing Point-of-Sale (POS) systems and cryptocurrency operations. The initiative, announced by Speaker Abbas Tajudeen, comes amid rising concerns over financial fraud and cybercrime linked to these platforms, which cost Nigerian financial institutions more than ₦50 billion in 2024 alone.
The committee, chaired by Hon. Olufemi Bamisile, who represents Ekiti South II, is tasked with assessing both the opportunities and the challenges associated with digital financial services. It will hold public hearings over the coming months to gather input from key stakeholders, including banks, regulators, fintech operators, and law enforcement agencies.
According to Bamisile, the committee’s primary goal is to ensure a balanced framework that fosters innovation while safeguarding financial integrity. “The committee has been mandated to examine the opportunities and challenges posed by cryptocurrency and POS operations, safeguard the integrity of our financial institutions, and work with stakeholders to develop a regulatory framework that balances innovation with security and opportunity with responsibility,” he stated.
This legislative move comes as the Central Bank of Nigeria (CBN) intensifies oversight in the POS sector. In a recent circular, the CBN unified existing regulations governing POS operators, introduced exclusivity rules, and set new transaction limits. The apex bank also mandated financial institutions to begin geotagging POS terminals and upgrading their payment reporting systems, a measure aimed at improving transparency and reducing fraud.
On the digital asset front, Nigeria is gradually moving from regulatory resistance to cautious engagement. The 2025 Nigerian Investment and Securities Bill officially recognizes cryptocurrencies as part of the financial ecosystem, while upcoming tax reforms set for implementation in 2026 will define how digital assets are taxed.
The dual focus on POS and crypto oversight underscores Nigeria’s broader effort to balance financial innovation with systemic security. As fintech adoption deepens and digital transactions continue to rise, policymakers are seeking to create an environment that protects consumers while encouraging technological growth.
With over 1.5 million POS terminals deployed nationwide and Nigeria ranking among Africa’s leading crypto markets, the stakes are high. The House committee’s findings could shape the next phase of financial regulation in the country, one that not only addresses the risks of cybercrime but also lays the groundwork for a more secure and inclusive digital economy.
