The Nigerian Communications Commission, NCC and the Central Bank of Nigeria, CBN have signed a Memorandum of Understanding, MoU aimed at safeguarding consumers against fraud and strengthening Nigeria’s digital economy.
The agreement also led to the inauguration of a Joint Committee on Payment Systems and Consumer Protection, as well as a Joint Committee on Telecoms Identity Risk Management System (TIRMS) Portal.
Speaking at the signing, the Executive Vice Chairman and Chief Executive Officer of NCC, Aminu Maida, described the MoU as a structured framework for collaboration in critical areas such as payment system integrity, fraud mitigation, digital inclusion, and consumer protection.
He noted that the partnership would translate into practical outcomes that enhance trust, deepen financial inclusion, and support a resilient digital ecosystem.
Maida said the agreement marks a significant milestone in regulatory collaboration, adding that both institutions have a track record of working together to address cross-sector challenges, including the resolution of the USSD debt impasse.
“This MoU provides a clear framework for cooperation in promoting secure digital payments, enhancing trust in mobile-enabled financial services, and extending access to underserved populations and MSMEs,” he said.
A key component of the collaboration is the Telecoms Identity Risk Management System (TIRMS) Portal, which will enable financial institutions to access critical data on phone numbers, including status updates on SIM swaps, recycled numbers, and lines flagged for suspicious activity.
According to Maida, the system will enhance the ability of financial institutions to detect and prevent electronic fraud, particularly those linked to mobile numbers.
He also highlighted the consumer protection benefits of the agreement, noting that issues such as failed airtime recharges would now be resolved more efficiently through coordinated action between both regulators.
On his part, the Governor of the CBN, Olayemi Cardoso, said the MoU would strengthen coordination on regulatory approvals, technical standards, and innovation initiatives, including sandbox testing for emerging financial solutions.
Cardoso reaffirmed the apex bank’s commitment to working with the NCC to build a safer, more inclusive, and resilient digital financial system that supports economic growth and protects consumers.
He subsequently inaugurated the joint committees, stating that their work would place consumer protection and fraud prevention at the forefront of regulatory efforts across the telecommunications and financial sectors.
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