The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have signed a Memorandum of Understanding (MoU) aimed at protecting consumers from fraud while unlocking opportunities in the telecommunications and financial sectors.
The agreement was formalised alongside the inauguration of a Joint Committee on Payment Systems and Consumer Protection, as well as a Joint Committee on the Telecoms Identity Risk Management System (TIRMS) Portal.
Speaking on the development, NCC Executive Vice Chairman and Chief Executive Officer, Dr. Aminu Maida, said the MoU establishes a structured framework for cooperation in key areas such as payment system integrity, fraud mitigation, digital inclusion, and consumer protection, particularly for micro, small and medium sized enterprises.
In a statement by Nnena Ukoha, Head of Public Affairs at NCC, Maida described the agreement as a milestone in regulatory efforts to strengthen Nigeria’s digital economy through collaboration, financial system stability, and enhanced consumer safeguards.
He noted that the partnership builds on an existing relationship between both institutions, citing their joint resolution of the USSD debt impasse as evidence of effective regulatory coordination.
According to him, the MoU will promote secure digital payments, improve trust in mobile enabled financial services, and expand safe access to underserved populations and MSMEs.
Maida explained that the collaboration also targets the growing threat of electronic fraud through the TIRMS Portal, which aggregates data on recycled phone numbers and those flagged for suspicious activities.
He said the system will enable financial institutions to verify the status of phone numbers such as whether a line has been swapped, disconnected, reassigned, or flagged thereby strengthening their ability to detect and prevent fraud.
The NCC boss added that the initiative would also enhance consumer protection by ensuring quicker resolution of issues such as failed airtime recharges and by enabling coordinated responses to emerging risks across both sectors.
CBN Governor, Mr. Olayemi Cardoso, described the MoU as a mechanism to improve coordination on regulatory approvals, technical standards, and innovation trials, including sandbox testing for market driven solutions.
He reaffirmed the apex bank’s commitment to working with the NCC to build a safer, more resilient, and inclusive digital financial system that supports productivity, protects consumers, and strengthens trust.
Cardoso subsequently inaugurated the joint committees, noting that their work would prioritise consumer protection and fraud prevention across the telecommunications and financial industries.
