Odimmegwa Johnpeter/Abuja
The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have formalised a strategic partnership aimed at combating electronic fraud and strengthening consumer protection across Nigeria’s digital and financial ecosystems.
The collaboration, sealed through a Memorandum of Understanding (MoU) signed in Abuja, also led to the inauguration of two key joint committees: one on Payment Systems and Consumer Protection, and another overseeing the Telecoms Identity Risk Management System (TIRMS) Portal.
Speaking at the signing ceremony, NCC’s Executive Vice Chairman and Chief Executive Officer, Aminu Maida, described the agreement as a milestone in regulatory collaboration, noting that it establishes a structured framework for cooperation in areas such as payment system integrity, fraud mitigation, digital inclusion, and consumer protection.
He said the initiative would translate into tangible outcomes that strengthen trust, deepen financial inclusion, and reinforce Nigeria’s digital economy. According to him, the partnership builds on previous successful collaborations between both institutions, including efforts to resolve the long-standing USSD debt dispute, which restored confidence and ensured service continuity across sectors.
A major highlight of the agreement is the deployment of the TIRMS Portal, designed to enhance fraud detection and prevention. The platform aggregates data on recycled and flagged phone numbers, enabling financial institutions to verify the status of mobile lines used in transactions. This includes identifying whether a number is active, recently swapped, reassigned, or linked to suspicious activities.
Maida noted that the system would significantly improve the ability of financial service providers to curb fraud linked to mobile numbers, which have become central to identity verification and financial access in Nigeria.
On consumer protection, he assured that the partnership would ensure faster resolution of issues such as failed airtime recharges and other service-related complaints, through coordinated regulatory action.
Also speaking, CBN Governor, Olayemi Cardoso, said the MoU would strengthen coordination between both regulators on approvals, technical standards, and innovation initiatives, including sandbox testing of new financial solutions.
He reaffirmed the apex bank’s commitment to working with the NCC to deliver a safer, more resilient, and inclusive digital financial system that supports national productivity while safeguarding consumers.
Cardoso added that the newly inaugurated committees would place consumer protection at the forefront, ensuring proactive responses to emerging risks in Nigeria’s rapidly evolving digital and financial landscape.
The partnership underscores growing efforts by regulators to address cross-sector challenges through collaboration, particularly as mobile technology continues to play a central role in financial services and economic participation in Nigeria.
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