Reps to Regulate Crypto, POS Operations with New Ad‑hoc Committee
Reported by David Joshua | Sele Media Africa

In a move reflecting growing concern over digital finance, the House of Representatives has inaugurated an Ad‑hoc Committee to examine and propose regulation for cryptocurrency adoption and Point-of-Sale (POS) operations in Nigeria.

The committee’s mandate includes:

•⁠ ⁠Reviewing current legislative gaps and security risks associated with crypto and POS systems
•⁠ ⁠Engaging stakeholders in the fintech, banking, telecom, and regulatory sectors
•⁠ ⁠Proposing frameworks to balance innovation with consumer protection, anti‑money laundering, and national security
•⁠ ⁠Ensuring POS operators comply with licensing, data privacy, and settlement protocols

Lawmakers who moved the resolution emphasized that rapid growth in digital transactions demands oversight to curb illicit flows, fraud, and vulnerabilities in the financial system.

This development aligns with earlier House actions: in March 2024, the House directed its Committee on National Security & Intelligence to probe cryptocurrency, blockchain, and peer-to-peer platforms over concerns about money laundering, terrorist financing, and financial integrity.
This development aligns with earlier House actions: in March 2024, the House directed its Committee on National Security & Intelligence to probe cryptocurrency, blockchain, and peer-to-peer platforms over concerns about money laundering, terrorist financing, and financial integrity. [1]

As Nigeria stakes more of its future on digital and cashless payments, this committee’s work could shape the next generation of financial regulation.
Citations:

1. The Guardian Nigeria: guardian.ng/news/reps-probes-cryptocurrency-blockchain-digital-asset-transactions/?utm_source=chatgpt.com

About The Author

David Joshua Oliver

Oliver David Joshua is a seasoned media professional with a passion for impactful journalism and strategic leadership. As the Managing Director and Editor-In-Chief of Sele Media Africa, he oversees the organization’s editorial vision, ensuring high standards of truth, balance, and bold reporting. Known for his sharp editorial eye and commitment to excellence, Oliver plays a key role in shaping the voice of Sele Media Africa across the continent. His leadership continues to drive innovation, credibility, and growth in Africa’s digital media space.

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