The Central Bank of Nigeria (CBN) has entered into a Memorandum of Understanding (MoU) with the Nigerian Communications Commission (NCC) to strengthen consumer protection and curb fraud across the financial and telecommunications sectors.
The Governor of the CBN, Olayemi Cardoso, stated that the MoU would enhance coordination on regulatory approvals, standards, and innovation, including sandbox testing.
Cardoso reaffirmed the bank’s commitment to building a safer, more resilient, and inclusive digital financial system.
“Going forward, the Central Bank remains committed to working with the Commission to protect consumers and strengthen trust in the digital economy,” he said.
The Vice Chairman of the NCC, Aminu Maida, said the pact provides a framework for cooperation on payment integrity, fraud mitigation, digital inclusion, and consumer protection.
According to him, the initiative would deliver outcomes that strengthen public trust, deepen financial inclusion, and support a secure digital economy.
Maida described the signing as a milestone, reflecting both institutions’ commitment to financial stability and consumer protection in an increasingly interconnected ecosystem.
“The Commission places significant importance on collaboration. Many milestones in addressing industry challenges have come through strategic partnerships,” he said.
He recalled the joint intervention by the NCC and the CBN in resolving the USSD debt impasse, which helped restore confidence among consumers, telecom operators, and financial institutions.
According to him, the MoU will also promote secure digital payments and expand access to underserved populations and small businesses.
Maida said the TIRMS portal would help curb electronic fraud by providing real-time insights into the status of phone numbers.
“This includes whether a line is active, swapped, disconnected, reassigned, or flagged for suspicious activity. This will significantly improve financial institutions’ ability to combat phone-linked fraud,” he said.
He added that the collaboration would ensure prompt resolution of consumer complaints, including failed airtime recharges.
ASHENEWS reports that the agreement, which includes the inauguration of joint committees on payment systems, consumer protection, and the Telecoms Identity Risk Management System (TIRMS) portal, will enhance collaboration between the two regulators in addressing fraud risks and safeguarding consumers in Nigeria’s rapidly converging digital ecosystem.
The initiative is expected to boost public confidence while addressing risks arising from the convergence of telecommunications and financial services.
