The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have signed a Memorandum of Understanding (MoU) aimed at safeguarding consumers from fraud and strengthening collaboration between the telecommunications and financial sectors.
As NCC, CBN Sign MoU to Combat Fraud, Boost Consumer Protection in Digital Economy of the agreement, both institutions inaugurated two joint committees: one on Payment Systems and Consumer Protection, and another on the Telecoms Identity Risk Management System (TIRMS) Portal.
Speaking at the event, last week, NCC Executive Vice Chairman, Aminu Maida, said the MoU establishes a structured framework for cooperation in critical areas such as payment system integrity, fraud mitigation, digital inclusion, and consumer protection— particularly for micro, small, and medium-sized enterprises (MSMEs).
He noted that the partnership would translate into practical outcomes that enhance trust, deepen financial inclusion, and support a more secure and resilient digital economy. According to him, the agreement marks a major milestone in regulatory collaboration and reflects a shared commitment to strengthening Nigeria’s financial stability in an increasingly interconnected ecosystem.
Maida highlighted past successful collaborations between the NCC and CBN, including the resolution of the USSD debt impasse, which helped restore confidence and protect stakeholders across telecom and financial services. He emphasized that complex cross-sector challenges are best addressed through sustained cooperation.
A key feature of the MoU is the introduction of the TIRMS Portal, which will provide financial institutions with access to critical data on phone numbers—such as status, ownership changes, and fraud flags. This, he said, would significantly improve the ability of banks and other financial service providers to detect and prevent electronic fraud.
He added that the initiative would also ensure quicker resolution of consumer complaints, such as failed airtime recharges, through improved coordination between both sectors. On his part, CBN Governor Olayemi Cardoso described the MoU as a step toward stronger regulatory alignment, particularly in areas like approvals, technical standards, and innovation testing, including sandbox frameworks.
Cardoso reaffirmed the CBN’s commitment to working with the NCC to build a safer, more inclusive digital financial system that supports national productivity, protects consumers, and strengthens trust in Nigeria’s digital economy. He added that the newly inaugurated committees would prioritize consumer protection and ensure proactive responses to emerging risks across both industries.
