NCC, CBN Sign MoU for Consumer Safety, Inaugurate Committees to Combat Fraud
The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have signed a Memorandum of Understanding (MoU) aimed at safeguarding consumers against fraud while creating opportunities to leverage the potentials of the telecommunications and financial sectors.
The MoU was signed as the NCC and CBN inaugurated a Joint Committee on Payment Systems and Consumer Protection, as well as a Joint Committee on the Telecoms Identity Risk Management System (TIRMS) Portal.
The Executive Vice Chairman and Chief Executive Officer of the NCC, Dr. Aminu Maida, said the MoU provides a structured framework for cooperation in critical areas, including payment system integrity, fraud mitigation, digital inclusion, and consumer protection. He noted that it would translate into practical outcomes that strengthen trust, deepen inclusion, and support a secure and resilient digital economy.
Dr. Maida described the signing of the MoU as an important milestone in the regulatory stewardship of Nigeria’s digital economy, reflecting a shared commitment to collaboration in strengthening financial system stability, advancing digital inclusion, and protecting consumers in an increasingly interconnected ecosystem.
He said, “The Commission places significant importance on collaboration. Many of the critical milestones we have achieved in addressing industry challenges and advancing the sector have been made possible through strategic partnerships. 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 recent example is our collective effort in resolving the long-standing USSD debt impasse, which restored confidence, preserved service continuity, and safeguarded the interests of consumers, telecom operators, and financial institutions. This experience reaffirmed that complex, cross-sector challenges are best addressed through structured collaboration.
“This MoU provides a clear framework for cooperation in key areas such as payment system integrity, consumer protection, fraud mitigation, and the responsible use of digital infrastructure. 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 aligns with a critical pillar of our strategic focus, which is 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 ensure that innovation is matched with strong governance, system stability, and consumer safeguards,” Dr. Maida stated.
The EVC explained that the collaboration is designed to address the growing threat of electronic fraud, which has significant implications for the integrity of the digital economy. He said the TIRMS Portal aggregates data on recycled phone numbers and those flagged within the financial sector, providing enhanced visibility into their status.
“This means financial institutions will be able to determine when a line is active, swapped, disconnected due to inactivity and reassigned, or flagged for suspicious activity. This will equip the financial services industry with timely and relevant information to combat e-fraud, particularly those perpetrated using phone numbers.
“Another key focus is consumer protection. With this partnership, consumers who experience issues such as unsuccessful airtime recharges can expect prompt resolution. The MoU also establishes a platform for sustained engagement, coordinated policy responses, and joint action as new risks and opportunities emerge,” he added.
CBN Governor, Mr. Olayemi Cardoso, described the MoU as a framework that will strengthen coordination on approvals, technical standards, and innovation trials, including sandbox testing that supports market-led solutions while safeguarding stability.
He said, “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 that supports national productivity, protects consumers, and strengthens trust in Nigeria’s digital economy.”
Mr. Cardoso subsequently inaugurated the Joint Committee on Payment Systems and Consumer Protection and the Joint Committee on the TIRMS Portal, noting that both would prioritise the protection of consumers in the telecommunications and financial sectors from fraud.
Signed:
Nnenna Ukoha
Head, Public Affairs Department
April 20, 2026
