Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have signed a Memorandum of Understanding (MoU) aimed at strengthening consumer protection and combating fraud across Nigeria’s telecommunications and financial sectors.
The agreement also led to the inauguration of joint committees on Payment Systems and Consumer Protection, as well as the Telecoms Identity Risk Management System (TIRMS) Portal.
During the signing, the Executive Vice Chairman and Chief Executive Officer of NCC, Aminu Maida, described the MoU as a milestone in regulatory collaboration.
He said the framework would enhance cooperation in key areas such as payment system integrity, fraud mitigation, digital inclusion, and consumer protection, while delivering outcomes that strengthen trust and support a secure digital economy.
Maida explained that a key feature of the agreement is the Telecom Identity Risk Management System (TIRMS) Portal, which will provide financial institutions with real-time insight into the status of mobile numbers.
This includes the ability to identify active lines, detect SIM swaps, track disconnected or reassigned numbers, and flag numbers linked to suspicious activity.
According to him, the process will significantly improve efforts to combat electronic fraud, particularly those involving the use of mobile numbers.
He added that the collaboration would also improve consumer experience, especially in resolving service-related complaints.
Subscribers who experience issues such as failed airtime recharges are expected to benefit from faster and more coordinated resolution processes.
Governor of the Central Bank of Nigeria, Olayemi Cardoso, said the MoU would strengthen regulatory coordination and support innovation in the financial system.
He noted that the partnership would enhance alignment on approvals, technical standards, and innovation initiatives, including sandbox testing, while ensuring consumer protection and system stability.
Cardoso promised to work with NCC to build a safer, more resilient, and inclusive digital financial system that supports national productivity and strengthens public confidence.
Both institutions inaugurated joint committees to drive consumer protection initiatives, strengthen payment system security, and manage telecom-related identity risks.
The committees are expected to play a central role in addressing emerging challenges within Nigeria’s increasingly interconnected digital and financial ecosystem.
The NCC and CBN have maintained a history of collaboration, including joint efforts to resolve the USSD debt impasse, which helped stabilise services and protect consumers.
RN
