Abuja: The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have signed a memorandum of understanding to enhance consumer protection and curb fraud in the telecommunications and financial sectors. NCC spokesperson, Nnenna Ukoha, announced this development in a statement made on Monday.
According to News Agency of Nigeria, the agreement also aims to combat fraud across telecommunications and financial sectors. Ukoha mentioned that the MoU was formalized alongside the inauguration of joint committees on payment systems, consumer protection, and the Telecoms Identity Risk Management System (TIRMS) portal. NCC Executive Vice Chairman, Aminu Maida, stated that the pact provides a framework for collaboration on payment integrity, fraud mitigation, digital inclusion, and consumer protection. Maida emphasized that the initiative would deliver outcomes that strengthen trust, deepen 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 interconnected ecosystem. He highlighted the importance of collaboration, noting that many milestones in addressing industry challenges have been achieved through strategic partnerships. He recalled the NCC and CBN’s intervention in resolving the USSD debt impasse, which restored confidence among consumers, telecom operators, and financial institutions.
The MoU is expected to promote secure digital payments and expand access to underserved populations and small businesses. Maida explained that the TIRMS portal would help curb electronic fraud by offering real-time insights into phone number status, including whether a line is active, swapped, disconnected, reassigned, or flagged for suspicious activity. This would significantly improve financial institutions’ ability to combat phone-linked fraud. The collaboration would also ensure prompt resolution of consumer complaints, including failed airtime recharges.
CBN Governor Olayemi Cardoso said the MoU would improve coordination on approvals, standards, and innovation, including sandbox testing. Cardoso reaffirmed the bank’s commitment to building a safer, more resilient, and inclusive digital financial system. He stated that the Central Bank remains committed to working with the Commission to protect consumers and strengthen trust in the digital economy. He inaugurated the joint committees, noting they would prioritize consumer protection and fraud prevention.
The News Agency of Nigeria reports the initiative is expected to boost confidence while addressing risks in converging telecoms and financial services.