The House of Representatives has inaugurated an ad-hoc committee to review the regulations and security implications of cryptocurrency adoption and Point-of-Sale (POS) operations across Nigeria.
Speaking at the inauguration ceremony in Abuja on Monday, Speaker of the House, Tajudeen Abbas, said the move became necessary following increasing reports of fraud, cybercrime, and consumer exploitation linked to operators in the digital finance sector.
He recalled that in November 2024, the House resolved to summon the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, alongside Chief Executive Officers of deposit money banks, to propose measures to address the risks associated with undocumented POS users nationwide.
The resolution followed a motion sponsored by Hon. Chike Okafor, representing Ehime/Mbano/Uboma/Obowo Federal Constituency of Imo State, who warned that fraudulent activities within the financial system were being traced to unregistered POS operators. He stressed the need to protect consumers and preserve the integrity of financial transactions in the country.
The House noted that undocumented POS operations have created loopholes for identity theft, money laundering, and other forms of financial crime, urging that mandatory user documentation would strengthen transaction security and reduce fraud.
Speaker Abbas said the ad-hoc committee was established to create a clear regulatory framework for virtual asset service providers, including cryptocurrency platforms, to address gaps and ensure accountability.
“It is because of the absence of clear rules, coupled with the volatility and complexity of the technology, that the House found it imperative to establish regulations and consumer protection measures that will govern the activities of virtual asset service providers,” Abbas said.
He explained that the committee’s task includes conducting public hearings and engaging relevant stakeholders to provide insights that will guide the House in developing legislation on digital currency adoption in Nigeria.
In his remarks, the Committee Chairman, Hon. Olufemi Bamisile (APC–Ekiti), said the committee’s mandate is to strike a balance between financial innovation and national security.
“We have been entrusted with a task of national significance — to review the economic, regulatory, and security implications of cryptocurrency adoption and POS operations in Nigeria,” Bamisile said. “While these technologies have created opportunities for commerce and financial inclusion, they also pose risks of cybercrime, fraud, money laundering, and terrorism financing.”
He added that the committee would collaborate with key regulatory and security agencies, including the CBN, Securities and Exchange Commission (SEC), Nigeria Deposit Insurance Corporation (NDIC), Nigerian Financial Intelligence Unit (NFIU), Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Nigeria Police Force.
Bamisile assured that the committee would adopt a consultative and evidence-based approach by engaging regulators, banks, fintech operators, civil society, and security agencies in public hearings to develop comprehensive, inclusive, and enforceable policy recommendations.