New system targets mobile-enabled scams as regulators deepen collaboration to protect consumers and secure digital payments……
In a major push to tackle rising electronic fraud, the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have unveiled a new portal that allows financial institutions to identify and monitor suspicious phone lines across the country.
The initiative, introduced alongside the signing of a Memorandum of Understanding (MoU) between both regulators, is expected to strengthen oversight, improve transparency in digital transactions, and foster closer coordination between Nigeria’s telecom and financial sectors.
At the signing ceremony, NCC Executive Vice Chairman, Aminu Maida, described the agreement as a turning point in regulatory collaboration. He explained that the framework outlines joint efforts in key areas such as payment system integrity, fraud prevention, digital inclusion, and consumer protection.
Maida noted that as mobile phone numbers increasingly serve as critical identifiers for financial services, tighter integration between telecom and banking systems has become essential. At the heart of the initiative is the Telecoms Identity Risk Management System (TIRMS), a platform designed to give banks and other financial institutions real-time insights into the status of phone numbers used in transactions.
According to him, the portal aggregates data on recycled or churned lines, as well as numbers linked to suspicious activity. This enables institutions to verify whether a line is active, recently swapped, disconnected, or reassigned, an added layer of intelligence expected to significantly reduce fraud carried out through mobile channels.
Beyond fraud prevention, the partnership is also set to improve consumer experience. Issues such as failed airtime purchases and transaction disputes are expected to be resolved more quickly through coordinated action between both regulators.
Maida added that the collaboration builds on earlier joint efforts, including the resolution of the USSD debt standoff, which helped stabilize services and restore confidence across the industry.
On his part, CBN Governor Olayemi Cardoso said the agreement would enhance alignment on regulatory approvals, technical standards, and innovation-driven initiatives such as sandbox testing. He emphasized that the move is in line with the apex bank’s goal of building a secure, resilient, and inclusive financial system.
Cardoso further revealed that two joint committees focused on Payment Systems and Consumer Protection, and on the TIRMS platform have been established to ensure continuous engagement and swift responses to emerging risks.
The rollout of the portal signals a more proactive approach to safeguarding Nigeria’s fast-growing digital economy, placing consumer protection at the center while enabling innovation to thrive.
