Nigeria’s House of Representatives is taking action against rising financial fraud by launching a special committee to investigate Point-of-Sale (POS) systems and cryptocurrency operations across the country.
Speaker Abbas Tajudeen announced the formation of the ad hoc committee in response to escalating fraud and cybercrime cases linked to these platforms. The urgency is underscored by staggering numbers: Nigerian financial institutions lost over ₦50 billion to fraud in 2024, even as the total number of fraud incidents declined.
The committee will be led by Olufemi Bamisile, representative for Ekiti South II, and is tasked with conducting public hearings over the coming months to develop a comprehensive regulatory framework for both POS and cryptocurrency sectors.
What the Committee Will Do
Bamisile outlined the committee’s broad mandate: examining the opportunities and challenges these technologies present, protecting financial institutions, and working with stakeholders to create regulations that balance innovation with security.
“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 responsibilities,” he explained.
The committee plans to collaborate closely with financial institutions, security agencies, and other relevant stakeholders throughout its investigation.
Tighter POS Oversight Already Underway
This parliamentary move coincides with intensified regulatory action from the Central Bank of Nigeria (CBN). In a circular released Monday, the apex bank unified existing POS regulations, introducing mandatory exclusivity requirements and new transaction limits for operators.
Back in August, the CBN had already directed financial institutions to begin geotagging POS terminals and upgrade their payment reporting systems—steps designed to improve tracking and accountability across the sector.
Nigeria’s Evolving Stance on Cryptocurrency
Nigeria’s approach to digital assets has transformed dramatically. The country has moved from outright hostility to cautious engagement. The 2025 Nigerian Investment and Securities Bill formally recognizes cryptocurrencies as legitimate assets, while new tax laws set to take effect in 2026 will establish clear guidelines for taxing digital currencies.
The Real Challenge
While the House frames this committee as a fresh regulatory push, both POS and cryptocurrency operations already fall under existing frameworks. The committee’s true test will be harmonizing these various regulations, closing enforcement gaps, and strengthening oversight mechanisms that actually work.
With over ₦50 billion already lost to fraud, the pressure is on to deliver more than just another report—Nigerians need tangible protections and clearer rules that don’t stifle the innovation driving these sectors forward.
