Nigeria is stepping up efforts to secure its fast-growing digital economy as the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have signed a landmark agreement to combat SIM-related fraud. The memorandum of understanding (MoU), sealed in Abuja, reflects a coordinated push by both regulators to curb rising cases of electronic fraud linked to mobile numbers while strengthening consumer protection across financial and telecom sectors.
Speaking at the signing, CBN Governor Olayemi Cardoso described the agreement as a critical move driven by national interest. He noted that as more Nigerians rely on digital channels for payments and financial services, stronger collaboration between regulators has become essential. According to him, the partnership will not only safeguard the integrity of Nigeria’s payment systems but also support innovation and ensure safer digital transactions for consumers.
A major highlight of the agreement is the introduction of the Telecom Identity Risk Management Portal—a data-sharing platform designed to detect fraud associated with recycled, swapped, or blacklisted SIM cards. The system will allow banks and fintech firms to verify mobile numbers in real time, adding an extra layer of security. Cardoso emphasized that strict data protection measures, including encryption and user consent protocols, would guide its implementation.
On his part, NCC Executive Vice Chairman Aminu Maida described the collaboration as a significant milestone for Nigeria’s digital economy. He explained that the initiative would provide financial institutions with better visibility into the status of phone numbers used in transactions, helping them respond more effectively to fraud. Beyond fraud prevention, the framework is also expected to improve service delivery, including faster resolution of issues like failed airtime recharges.
The agreement builds on years of collaboration between both regulators, including efforts to align mobile payment systems and resolve industry disputes. With new joint committees set up to oversee implementation, the initiative is expected to deepen financial inclusion, reduce fraud risks, and boost public confidence in digital services. For millions of Nigerians, this could mean safer transactions and a more reliable digital experience in an increasingly connected economy.
source: punch