The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have signed a Memorandum of Understanding (MoU) aimed at strengthening consumer protection and combating fraud across the country’s telecommunications and financial sectors.
In a statement released by NCC’s Head of Public Affairs, Nnenna Ukoha, the partnership 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 Executive Vice Chairman, Aminu Maida, described the agreement as a pivotal step toward bolstering Nigeria’s digital economy through enhanced regulatory cooperation. He explained that the MoU establishes a framework for collaboration on payment system integrity, fraud mitigation, digital inclusion, and consumer protection—with particular attention to Micro, Small and Medium Enterprises (MSMEs).
Mr Maida noted that the two institutions share a longstanding relationship, pointing to their joint resolution of the USSD debt impasse as evidence of the benefits of coordinated regulation. He added that the TIRMS Portal would furnish financial institutions with vital data on phone numbers, including activity status, swap history, disconnections, reassignments, and fraud alerts.
This initiative, he said, would significantly improve the ability of financial institutions to detect and prevent electronic fraud, particularly cases linked to mobile numbers. The NCC boss also stated that the collaboration would facilitate faster resolution of consumer complaints—such as unsuccessful airtime recharges—through improved inter-regulatory coordination.
CBN Governor, Olayemi Cardoso, said the MoU would deepen alignment on regulatory approvals, technical standards, and innovation initiatives, including sandbox testing for emerging financial solutions. He reaffirmed the apex bank’s commitment to fostering a secure, inclusive, and resilient digital financial ecosystem that supports national development while protecting consumers.
Governor Cardoso subsequently inaugurated the joint committees, stressing that consumer protection and fraud prevention would remain at the forefront of their mandate.
