FROM COBHAM NSA – The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have penned down a landmark Memorandum of Understanding (MoU) to crush fraud and secure Nigeria’s digital financial and telecom ecosystem.
The MOU framework seeks to strengthen consumer protection, tackle electronic fraud, and other related crimes across both sectors.
With the formal agreement signing at the Central Bank of Nigeria (CBN) headquarters in Abuja on Monday, both institutions moved swiftly to solidify their partnership by inaugurating two joint committees tasked with driving the initiative forward.
The newly constituted committees are listed as the Joint Committee on Payment Systems and Consumer Protection, and the Joint Committee on the Telecoms Identity Risk Management System (TIRMS) Portal.
In his remarks at the occasion, the. CBN Governor, Olayemi Cardoso, said the MoU will enhance robust partnership between both institutions on regulatory approvals, technical standards, and innovation frameworks, including sandbox testing for new financial solutions.
Cardoso said the apex bank is committed to working closely with the NCC to build a safer, more inclusive, and efficient digital financial system, adding that the newly inaugurated committees will place consumer protection at the centre of both sectors while strengthening confidence and trust in Nigeria’s rapidly evolving digital economy.
Also speaking at the MoU signing, NCC’s Executive Vice Chairman and Chief Executive Officer, Aminu Maida, described the agreement as a major step in strengthening Nigeria’s digital economy through regulatory collaboration.
He said the agreement provides a structured framework for cooperation in key areas such as payment system integrity, fraud prevention, digital inclusion, and consumer protection.
According to him, the arrangement reflects a shared commitment to building a secure, inclusive, and resilient digital ecosystem, noting that partnership between NCC and CBN has previously yielded positive results.
Maida, who described effective resolution of the USSD debt impasse as an example of effective regulatory coordination, also explained that the Telecom Identity Risk Management System (TIRMS) Portal will play a critical role in combating fraud by providing financial institutions with real-time data on phone number status.
The NCC Chief Executive said through the system, banks and other financial service providers will be able to track whether a number is active, swapped, inactive, reassigned, or flagged for suspicious activity thereby strengthening fraud detection and prevention mechanisms.
He further emphasized that the initiative will boost customer satisfaction by providing faster, more reliable resolutions to service-related complaints, such as failed airtime transactions, ultimately ensuring consumers receive value for their money without unnecessary delays
