By Seun Ibiyemi
The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have signed a Memorandum of Understanding (MoU) aimed at strengthening consumer protection and combating fraud across Nigeria’s telecommunications and financial sectors.
The development was disclosed in a statement issued on Monday in Abuja by NCC spokesperson, Nnenna Ukoha.
According to Ukoha, the agreement also led to the inauguration of joint committees focused on payment systems, consumer protection, and the Telecoms Identity Risk Management System (TIRMS) portal.
Speaking on the significance of the pact, NCC Executive Vice Chairman, Aminu Maida, said the MoU provides a comprehensive framework for collaboration on payment integrity, fraud mitigation, digital inclusion, and consumer protection.
He noted that the initiative is expected to strengthen trust, deepen financial inclusion, and support the growth of a secure digital economy.
Maida described the agreement as a major milestone, reflecting both institutions’ commitment to ensuring financial stability and safeguarding consumers in an increasingly interconnected ecosystem.
“The Commission places significant importance on collaboration. Many milestones in addressing industry challenges have been achieved through strategic partnerships,” he said.
He recalled past interventions by the NCC and CBN, particularly in resolving the USSD debt impasse, which helped restore confidence among consumers, telecom operators, and financial institutions.
Maida added that the MoU would promote secure digital payments while expanding access to underserved populations and small businesses.
He explained that the TIRMS portal would play a critical role in curbing electronic fraud by providing real-time insights into the status of phone numbers, including whether lines are active, swapped, disconnected, reassigned, or flagged for suspicious activity.
“This will significantly improve financial institutions’ ability to combat phone-linked fraud,” he said.
He further noted that the collaboration would ensure quicker resolution of consumer complaints, including issues related to failed airtime recharges.
Also speaking, CBN Governor, Olayemi Cardoso, said the agreement would enhance coordination between both institutions on regulatory approvals, standards, and innovation, including sandbox testing.
Cardoso reaffirmed the apex bank’s commitment to building a safer, more resilient, and inclusive digital financial system.
“Going forward, the Central Bank remains committed to working with the Commission to protect consumers and strengthen trust in the digital economy,” he said.
He formally inaugurated the joint committees, noting that they would prioritise consumer protection and fraud prevention.
The initiative is expected to boost public confidence while addressing emerging risks at the intersection of telecommunications and financial services in Nigeria.
