Nigeria, Nov. 25 -- Olufemi Bamisile, the Chairperson of the House of Representatives Ad-hoc Committee investigating the economic, regulatory, and security implications of cryptocurrency adoption and POS operations, has warned that Nigeria faces a rapidly escalating crisis driven by fraud, weak regulation and the infiltration of unlicensed crypto-related activities in the digital-payment sector.

Speaking at the committee's resumed investigative hearing with fintech leaders, POS operators and representatives of regulatory and security agencies, Mr Bamisile said recent engagements revealed deep gaps within the country's fast-expanding digital-finance ecosystem.

He said the committee had received several reports pointing to the proliferati...