Nigeria Does Not Need a Fintech Regulatory Commission
Good People, Nigeria wants to birth another commission, and this time, a Fintech Regulatory Commission (FRC). The House of Representatives has passed the Bill for an Act through its second reading. But I am not excited. For the size and structure of our economy, we do not need another commission; we need efficiency in the ones we already have.
The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have the capacity, if properly empowered, to provide the necessary oversight for the fintech space. A new bureaucracy will not solve the problems in the fintech space. Yes, the miracle will not come from a new office with a logo and commissioners; it will come when the existing institutions are funded, retooled and modernized to match the speed and creativity of our innovators.
Sometimes, we mistake the illusion of progress for progress itself. Because people fly business class and wear fine suits, we think the nation has arrived. But look at the numbers: South Africa’s stock market is over $1 trillion larger than Nigeria’s. That tells you everything you need to know about where we stand.
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Mr. President, if this Bill finds its way to your desk, please do not sign. Nigeria does not need more commissions. Nigeria needs to support the existing institutions. SEC has the capacity. CBN has the capacity. To do whatever this FRC is created to do.