Reps Move to Clamp Down on Crypto and POS Operations
Reps Move to Clamp Down on Crypto and POS Operations
The House of Representatives has set up an Ad-hoc Committee to examine and regulate the growing use of cryptocurrency and Point-of-Sale (POS) systems in Nigeria, amid rising concerns over fraud, cybercrime, and consumer exploitation in the digital finance sector.
Speaking at the inauguration in Abuja, Speaker Tajudeen Abbas explained that the initiative became necessary after mounting reports of financial fraud and unregulated digital transactions across the country.
He recalled that in November 2024, the House had directed the Central Bank Governor, Olayemi Cardoso, and bank CEOs to propose measures to curb fraud and ensure proper documentation of POS users nationwide.
Abbas noted that the absence of clear regulations has created loopholes that expose Nigerians to risks such as identity theft, money laundering, and unauthorized transfers.
“We must establish a framework that protects consumers while allowing innovation to thrive,” he said, emphasizing that the committee’s findings would guide future legislation on virtual assets and digital finance.
The committee, chaired by Hon. Olufemi Bamisile (APC–Ekiti), pledged to strike a balance between technological innovation and national security, warning that while digital systems have transformed global finance, they also open dangerous doors to terrorism financing, fraud, and cyber threats.
Bamisile confirmed that the committee would work closely with regulatory and security agencies including the CBN, SEC, NDIC, NFIU, EFCC, ICPC, and the Nigeria Police, as well as fintech stakeholders and civil society groups, to develop a comprehensive, evidence-based regulatory framework.
