The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have signed a Memorandum of Understanding (MoU) aimed at enhancing consumer protection, tackling electronic fraud, and strengthening collaboration between the telecommunications and financial sectors.
The agreement was formalised alongside the inauguration of two joint committees: the Joint Committee on Payment Systems and Consumer Protection, and the Joint Committee on Telecoms Identity Risk Management System (TIRMS) Portal.
Speaking at the event, NCC Executive Vice Chairman and Chief Executive Officer, Aminu Maida, said the MoU establishes a structured framework for cooperation in key areas such as payment system integrity, fraud mitigation, digital inclusion, and consumer protection.
He described the development as a major milestone in Nigeria’s digital economy, noting that it reflects a shared commitment by both regulators to deepen financial inclusion and strengthen system stability.
Maida emphasised that collaboration between the NCC and CBN has historically yielded significant outcomes, citing the resolution of the USSD debt impasse as a recent example of effective regulatory coordination that restored confidence and ensured service continuity across sectors.
According to him, the new agreement will further promote secure digital payments, enhance trust in mobile-enabled financial services, and expand safe access to financial services for underserved populations and micro, small and medium-sized enterprises (MSMEs).
A key component of the initiative is the Telecoms Identity Risk Management System (TIRMS) Portal, which is designed to help combat electronic fraud.
The platform will provide financial institutions with critical data on phone numbers, including their activity status, ownership changes, disconnections, and any links to suspicious or fraudulent activities.
Maida explained that this enhanced visibility would enable financial institutions to better detect and prevent fraud, particularly those carried out using mobile numbers.
He added that the partnership would also improve consumer experience by ensuring prompt resolution of issues such as failed airtime recharges, while providing a platform for continuous engagement and coordinated policy responses between both sectors.
In his remarks, CBN Governor, Olayemi Cardoso, said the MoU would strengthen regulatory coordination in areas such as approvals, technical standards, and innovation trials, including sandbox testing for new financial solutions.
Cardoso reaffirmed the apex bank’s commitment to working closely with the NCC to build a safer, more resilient, and inclusive digital financial system that supports economic growth, protects consumers, and boosts confidence in Nigeria’s digital economy.
He subsequently inaugurated the two joint committees, noting that their work would prioritise consumer protection and strengthen efforts to curb fraud across both the telecommunications and financial sectors.
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