The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have signed a Memorandum of Understanding (MoU) to strengthen consumer protection and curb electronic fraud across the country’s telecom and financial sectors.
The agreement was signed in Abuja on April 20, 2026, and is aimed at improving coordination between both regulators, enhancing payment system security, and building trust in Nigeria’s growing digital economy.
Speaking at the signing, NCC Executive Vice Chairman, Aminu Maida, said the partnership would deepen cooperation in key areas such as fraud prevention, payment system integrity, digital inclusion, and protection of consumers, particularly small and medium-sized businesses.
He added that stronger collaboration between both institutions had already produced results, including the resolution of disputes around USSD services, and said the new framework would further strengthen regulatory efficiency.
A major component of the agreement is the deployment of the Telecoms Identity Risk Management System (TIRMS) Portal. The platform will enable financial institutions to access real-time information on mobile numbers, including whether a line has been swapped, disconnected, recycled, or flagged for suspicious activity, helping to improve fraud detection and prevention.
CBN Governor, Olayemi Cardoso, said the partnership reflects a shared commitment to building a safer, more resilient financial system.
He noted that it would also enhance coordination on regulatory approvals, technical standards, and innovation initiatives, including sandbox testing for emerging financial products and services.
To ensure effective implementation, both institutions inaugurated a Joint Committee on Payment Systems and Consumer Protection, as well as another committee focused on the TIRMS platform. The committees will oversee policy coordination, implementation, and responses to emerging risks in the digital and financial ecosystem.
Stakeholders say the collaboration marks a significant step toward reducing electronic fraud and improving confidence in Nigeria’s digital economy.
