The Nigerian Communications Commission and Central Bank of Nigeria have signed a Memorandum of Understanding (MoU) aimed at combating fraud, protecting consumers, and strengthening Nigeria’s digital financial ecosystem.
The agreement, signed in Abuja, also saw the inauguration of a Joint Committee on Payment Systems and Consumer Protection, as well as a Joint Committee on the Telecoms Identity Risk Management System (TIRMS) Portal.
Executive Vice Chairman and Chief Executive Officer of the NCC, Aminu Maida, described the MoU as a major milestone in regulatory collaboration, noting that it provides a structured framework for cooperation in areas such as payment system integrity, fraud mitigation, digital inclusion, and consumer protection.
According to him, the partnership is expected to strengthen trust, deepen financial inclusion, and support a secure and resilient digital economy, particularly for consumers and micro, small and medium-sized enterprises.
Maida said the collaboration built on previous joint efforts by both institutions, including the resolution of the long-standing USSD debt impasse, which helped restore confidence and safeguard the interests of consumers, telecom operators and financial institutions.
He said a key highlight of the partnership is the deployment of the TIRMS Portal, which will provide financial institutions with enhanced visibility into the status of phone numbers, including active lines, swapped lines, recycled numbers, and numbers flagged for suspicious or fraudulent activities.
According to him, the system will help financial institutions tackle electronic fraud linked to the misuse of phone numbers and improve the integrity of digital transactions.
The NCC boss also said the MoU would improve consumer protection, assuring that issues such as failed airtime recharges and related complaints would now receive prompt resolution through improved coordination between both regulators.
On his part, Governor of the Central Bank of Nigeria, Olayemi Cardoso, said the agreement would enhance coordination on approvals, technical standards and innovation trials, including sandbox testing, while promoting market-led solutions and safeguarding system stability.
Cardoso reaffirmed the apex bank’s commitment to working with the NCC to build a safer, more resilient and inclusive digital financial system that supports productivity, protects consumers and strengthens trust in Nigeria’s digital economy.
He subsequently inaugurated the two joint committees, emphasized that protecting consumers in both the telecommunications and financial sectors would remain a top priority under the new collaboration.
