By Charles Maduka
The House of Representatives has set up an ad-hoc committee to review regulations and security implications of cryptocurrency adoption and Point-of-Sale operations in Nigeria.
Speaking at the inauguration of the committee in Abuja, Speaker Tajudeen Abbas said the move followed rising cases of fraud, cybercrime and consumer exploitation in the digital finance space. He recalled that the House had earlier resolved to summon the Governor of the Central Bank of Nigeria and bank chief executives to propose solutions to the challenges posed by undocumented POS transactions across the country.
The House noted that unrecorded POS activities have created loopholes for identity theft, money laundering and unauthorised transactions. It said proper documentation of users’ identities would help reduce fraud and improve the security of financial transactions in Nigeria.
Abbas explained that the committee would undertake public hearings to gather information from stakeholders to guide the development of legislation for a regulatory framework on cryptocurrency and POS operations. He said clear rules were needed to address loopholes in the work of virtual assets service providers and to protect consumers.
Chairman of the committee, Olufemi Bamisile, said the panel would balance financial innovation with national security. He assured that the committee would work closely with key regulators and security agencies and adopt a consultative approach to develop a framework that encourages innovation while safeguarding citizens and the integrity of the financial system.
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