The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have resolved on a strategic partnership aimed at enhancing consumer protection and combating fraud across the telecommunications and financial services sectors.
The collaboration which was sealed through a Memorandum of Understanding (MoU), followed the inauguration of two joint committees focused on payment systems oversight and the Telecoms Identity Risk Management System (TIRMS) Portal, signalling a coordinated push to strengthen security and build consumer trust.
In his remarks, the Executive Vice Chairman and Chief Executive Officer of NCC, Dr Aminu Maida said the commission places significant importance on collaboration, adding that many of the critical milestones the NCC achieved in addressing some of its challenges and leapfrogging the sector, were made possible through strategic partnerships and sustained collaboration.
He noted that the Memorandum of Understanding (MoU) provides a structured framework for cooperation in critical areas including payment system integrity, fraud mitigation, digital inclusion, and the protection of consumers, micro, small and medium-sized enterprises, which he said will translate into practical outcomes that will strengthen trust, deepen inclusion, and support a secure and resilient digital economy.
Maida noted that the signing of the MoU was an important milestone in the regulatory stewardship of Nigeria’s digital economy, which reflects a shared commitment to collaboration in strengthening financial system stability, advancing digital inclusion, and protecting consumers in an increasingly interconnected ecosystem.
According to Maida; “Our collaboration with the Central Bank is not new. Over the years, our two institutions have demonstrated the value of close regulatory coordination.
“A notable and recent example is our collective effort in resolving the long-standing USSD debt impasse—an intervention that restored confidence, preserved service continuity, and safeguarded the interests of consumers, telecom operators, and financial institutions alike.
“That experience reaffirmed a simple truth: that complex, cross-sector challenges are best addressed through structured collaboration.
“This MoU provides a clear framework for cooperation in critical areas such as payment system integrity, consumer protection, fraud mitigation, and the responsible use of digital infrastructure.
“In particular, it supports initiatives that promote secure digital payments, enhance trust in mobile-enabled financial services, and extend safe access to underserved populations and MSMEs,” he said.
The EVC further said that for the NCC, the MoU speaks directly to one of the critical pillars of the commission’s strategic focus-leveraging cross-sectoral innovation to deliver a safe, resilient, inclusive and trusted digital ecosystem.
Maida said that as mobile numbers increasingly underpin identity, authentication, and financial access, collaboration with the CBN is essential to ensuring that innovation is matched with strong governance, system stability, and consumer safeguards.
The NCC boss further said that the collaboration is designed for the prevention of electronic fraud, which has become increasingly pervasive, with significant implications for the integrity of the nation’s digital economy.
He also said; “Through the Telecom Identity Risk Management System (TIRMS) Portal—which aggregates data on churned (recycled) phone numbers, as well as numbers flagged within your sector—the Financial Services Industry will now have enhanced visibility into the status of phone numbers, one of the most widely utilized resources in your sector, although regulated by the NCC.
“This means that the Financial Institutions will be able to determine when a line is active, when it has been swapped, when it has been disconnected due to inactivity and reassigned to a new subscriber, and when it has been flagged for suspicious or fraudulent activity.
“This ensures that our financial services industry is better equipped with timely and relevant information to effectively combat e-fraud, particularly those perpetuated using phone numbers, in the country.
“The second area I want to highlight is an overarching one that both our institutions have consistently championed: it is the protection of Nigerian consumers.
“With this handshake, consumers who experience issues such as airtime recharges that do not deliver value can be assured of prompt resolution within the shortest possible time. The establishment of a platform for sustained engagement, coordinated policy responses, and joint action as new risks and opportunities emerge across the digital and financial landscape by this MoU, positions our two institutions to remain proactive, aligned, and effective in fulfilling our respective mandates,” Maida said.
Speaking in turn, the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso described the MoU as one that will strengthen coordination on approvals, technical standards, and innovation trials, including sandbox testing that supports market-led solutions while safeguarding stability.
Cardoso assured that the apex bank remains fully committed to working with the Nigerian Communications Commission to deliver a safer, more resilient, and inclusive digital financial system that supports national productivity, protects consumers, and strengthens trust in Nigeria’s digital economy.
The CBN Governor while inaugurating the Joint Committee on Payment Systems and Consumer Protection and the Joint Committee on Telecoms Identity Risk Management System (TIRMS) Portal, said it would put the protection of consumers of both sectors from fraud at the forefront.
