The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have entered a new partnership aimed at strengthening consumer protection and reducing fraud across Nigeria’s rapidly growing digital financial ecosystem. The two regulators formalised the collaboration through a memorandum of understanding (MoU) signed on Monday.
As part of the agreement, both institutions also inaugurated a joint committee focused on payment systems and consumer protection, alongside another committee overseeing the Telecoms Identity Risk Management System (TIRMS) portal. The initiative is expected to improve coordination between the telecom and financial sectors in tackling fraud and ensuring safer digital transactions.
Speaking at the signing ceremony, NCC Executive Vice Chairman and CEO, Aminu Maida, said the MoU creates a structured framework for cooperation in key areas such as payment system integrity, fraud mitigation, digital inclusion, and protection of consumers—especially micro, small, and medium-sized enterprises (MSMEs). He noted that stronger collaboration would help build trust and stability in Nigeria’s digital economy.
Maida also highlighted past joint successes between both regulators, including the resolution of the long-standing USSD debt dispute, which helped restore confidence across the banking and telecom sectors. He explained that the new TIRMS portal would help financial institutions identify active, recycled, or suspicious phone numbers, reducing cases of electronic fraud linked to mobile lines.
CBN Governor Olayemi Cardoso reaffirmed the apex bank’s commitment to deeper collaboration with the NCC, stating that the partnership would enhance regulatory oversight, support innovation through sandbox testing, and ensure financial system stability. He added that both institutions remain focused on building a safer, more inclusive digital financial environment that protects consumers while strengthening trust in Nigeria’s digital economy.
source: The cable