The House of Representatives has constituted an Ad-hoc Committee to examine the regulations and security concerns linked to cryptocurrency adoption and Point-of-Sale, POS, operations in Nigeria.
While speaking at the inauguration ceremony on Monday, the 6th of October, 2025, the Speaker, Tajudeen Abbas, said the committee was set up in response to growing reports of fraud, cybercrime, and consumer exploitation within the digital finance sector.
It recalls that in November 2024, the House resolved to summon the Central Bank of Nigeria Governor, Olayemi Cardoso, along with the Chief Executive Officers of commercial banks, to present possible solutions to challenges caused by poor documentation of Point-of-Sale users across the country.
That decision followed the adoption of a motion sponsored by the lawmaker representing Ehime/Mbano/Uboma/Obowo Federal Constituency of Imo State, who argued that fraudulent practices in the financial sector had been linked to POS users.
According to the lawmakers, undocumented POS transactions have created avenues for crimes such as identity theft, money laundering, and unauthorised transfers.
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The chamber stated that enforcing proper documentation of users would help curb these criminal acts and strengthen the safety of financial transactions nationwide.
The Speaker added that the absence of a clear regulatory system has exposed gaps in the operations of virtual asset service providers.
“It is because of the absence of clear rules, coupled with the volatility and complexity of the technology, that the House of Representatives found it imperative to establish regulations and consumer protection measures that will regulate the activities of Virtual Assets Service Providers, including cryptocurrencies and crypto assets.
“This Ad-hoc Committee is therefore necessary. Its main job is to undertake public hearings to collate relevant information from stakeholders that will guide the House in developing legislation for a regulatory framework for the adoption of the currency in our economy,” he said.