By Damilare Adeleye
The Central Bank of Nigeria and the Nigerian Communications Commission have signed a Memorandum of Understanding (MoU) aimed at strengthening consumer protection and tackling fraud linked to mobile phone usage within Nigeria’s digital ecosystem.
The agreement, signed on Monday, April 20, establishes a formal framework for collaboration between both regulators, focusing on payment system integrity, fraud mitigation, digital inclusion, and the protection of consumers and micro, small and medium-sized enterprises. It also enables deeper integration between the telecommunications and financial services sectors.
As part of the initiative, both institutions inaugurated two joint committees, one on Payment Systems and Consumer Protection, and another on the Telecoms Identity Risk Management System (TIRMS) Portal, to drive coordinated regulatory action.
In a statement signed by the Acting Director of Public Affairs at the NCC, Nnenna Ukoha, the Executive Vice Chairman of the commission, Aminu Maida, described the MoU as a structured platform to enhance cooperation in key regulatory areas.
He said the agreement would translate into “practical outcomes that strengthen trust, deepen inclusion, and support a secure and resilient digital economy,” adding that it marks a milestone in regulatory coordination.
Maida said: “The Commission places significant importance on collaboration. Indeed, many of the critical milestones we have achieved in addressing some of our industry’s challenges, and even in leapfrogging our sector, have been made possible through strategic partnerships and sustained collaboration. Our collaboration with the Central Bank is not new.
“Over the years, our two institutions have demonstrated the value of close regulatory coordination. A notable and recent example is our collective effort in resolving the long-standing USSD debt impasse, an intervention that restored confidence, preserved service continuity, and safeguarded the interests of consumers, telecom operators, and financial institutions alike. That experience reaffirmed a simple truth: complex, cross-sector challenges are best addressed through structured collaboration.
“This MoU provides a clear framework for cooperation in critical areas such as payment system integrity, consumer protection, fraud mitigation, and the responsible use of digital infrastructure. In particular, it supports initiatives that promote secure digital payments, enhance trust in mobile-enabled financial services, and extend safe access to underserved populations and MSMEs.
“For the NCC, this MoU speaks directly to one of the critical pillars of our strategic focus: leveraging cross-sectoral innovation to deliver a safe, resilient, inclusive, and trusted digital ecosystem. As mobile numbers increasingly underpin identity, authentication, and financial access, collaboration with the CBN is essential to ensuring that innovation is matched with strong governance, system stability, and consumer safeguards.”
He added that the partnership is designed to curb rising electronic fraud through enhanced data visibility for financial institutions.
According to him: “For the prevention of electronic fraud, which has become increasingly pervasive, with significant implications for the integrity of our digital economy. Through the Telecom Identity Risk Management System (TIRMS) Portal, which aggregates data on churned (recycled) phone numbers, as well as numbers flagged within your sector, the Financial Services Industry will now have enhanced visibility into the status of phone numbers, one of the most widely utilized resources in your sector, although regulated by the NCC.
“This means that the Financial Institutions will be able to determine when a line is active, when it has been swapped, when it has been disconnected due to inactivity and reassigned to a new subscriber, and when it has been flagged for suspicious or fraudulent activity. This ensures that our financial services industry is better equipped with timely and relevant information to effectively combat e-fraud, particularly those perpetuated using phone numbers, in the country.
“The second area I want to highlight is an overarching one that both our institutions have consistently championed: it is the protection of Nigerian consumers. With this handshake, consumers who experience issues, such as airtime recharges that do not deliver value, can be assured of prompt resolution in the shortest possible time. The establishment of a platform for sustained engagement, coordinated policy responses, and joint action as new risks and opportunities emerge across the digital and financial landscape by this MoU, positions our two institutions to remain proactive, aligned, and effective in fulfilling our respective mandates.”
Also speaking, the Governor of the CBN, Olayemi Cardoso, said the agreement would improve coordination on regulatory approvals, technical standards, and innovation initiatives, including sandbox testing.
He said, “Going forward, the Central Bank of Nigeria remains fully committed to working with the Nigerian Communications Commission to deliver a safer, more resilient, and more inclusive digital financial system, one that supports national productivity, protects consumers, and strengthens trust in Nigeria’s digital economy.”
Cardoso also inaugurated the two joint committees, noting that they would prioritise consumer protection across both the telecommunications and financial sectors, particularly in the fight against fraud.