The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have signed a Memorandum of Understanding (MoU) to enhance consumer safety and strengthen protections against fraud across Nigeria’s digital ecosystem.
As part of the agreement, both institutions also inaugurated joint committees focused on Payment Systems and Consumer Protection, as well as the Telecoms Identity Risk Management System (TIRMS) Portal, aimed at improving coordination and tackling emerging risks in the telecoms and financial sectors.
The MoU is expected to boost collaboration in fraud prevention, digital payments security, and consumer protection, while promoting a safer and more inclusive financial environment.
Speaking at the event, NCC’s Executive Vice Chairman and CEO, Dr Aminu Maida, said the MoU establishes a structured framework for collaboration in key areas such as payment system integrity, fraud prevention, digital inclusion, and consumer protection—particularly for micro, small and medium-sized enterprises (MSMEs). He noted that the partnership is expected to strengthen trust, deepen financial inclusion, and support a more secure digital economy.
Maida described the development as a milestone in regulatory coordination, emphasising that past collaborations between both institutions—such as resolving the USSD debt impasse—demonstrated the effectiveness of joint action in tackling complex, cross-sector challenges.
He explained that the agreement will enhance secure digital payments, improve trust in mobile financial services, and expand access for underserved populations. A major highlight, he said, is the TIRMS Portal, which will provide financial institutions with real-time insights into the status of phone numbers, including whether they are active, swapped, recycled, or flagged for suspicious activity—an important tool in combating electronic fraud.
The NCC boss added that the initiative will also ensure faster resolution of consumer complaints, including failed airtime transactions, through coordinated engagement between both regulators.
In his remarks, CBN Governor Olayemi Cardoso said the MoU would strengthen coordination in regulatory approvals, technical standards, and innovation testing, including sandbox environments that encourage market-driven solutions while maintaining financial stability.
Cardoso reaffirmed the CBN’s commitment to working with the NCC to build a safer, more resilient, and inclusive digital financial ecosystem that enhances consumer protection and supports national economic growth.
He also formally inaugurated the joint committees, noting that their work would prioritise safeguarding consumers across both the telecommunications and financial sectors from fraud.