The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have signed a Memorandum of Understanding (MoU) to strengthen consumer protection and combat fraud across the nation’s telecommunications and financial sectors.
The agreement, announced in a statement by NCC’s Head of Public Affairs, Nnenna Ukoha, also marked the inauguration of 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, NCC’s Executive Vice Chairman, Aminu Maida, described the MoU as a major step towards bolstering Nigeria’s digital economy through improved regulatory collaboration. He noted that the framework would focus on payment system integrity, fraud mitigation, digital inclusion, and consumer protection, particularly for Micro, Small and Medium Enterprises (MSMEs).
Mr Maida highlighted the long-standing relationship between both institutions, pointing to their joint resolution of the USSD debt impasse as evidence of the benefits of coordinated regulation.
He explained that the TIRMS Portal would provide financial institutions with essential data on mobile numbers, including activity status, swap history, disconnections, reassignments, and fraud alerts. “This initiative will significantly enhance the ability of financial institutions to detect and prevent electronic fraud, especially cases linked to mobile numbers,” he said.
The NCC boss added that the partnership would also enable faster resolution of consumer complaints, such as unsuccessful airtime recharges, through better coordination between the two regulators.
CBN Governor, Olayemi Cardoso, said the MoU would deepen collaboration on regulatory approvals, technical standards, and innovation initiatives, including sandbox testing for emerging financial solutions. He reaffirmed the central bank’s commitment to a secure, inclusive, and resilient digital financial ecosystem that supports national development and protects consumers.
Mr Cardoso formally inaugurated the joint committees, stressing that consumer protection and fraud prevention would remain at the forefront of their mandate.
