The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have signed a Memorandum of Understanding (MoU) aimed at enhancing consumer protection and combating fraud across Nigeria’s digital ecosystem.
The agreement is designed to strengthen collaboration between the telecommunications and financial sectors, particularly as digital payments and mobile-based services continue to expand rapidly across the country.
According to officials, the MoU establishes a structured framework for cooperation in critical areas such as payment system integrity, fraud mitigation, digital inclusion, and consumer protection, especially for micro, small, and medium-sized enterprises (MSMEs).
As part of the initiative, both institutions also inaugurated two joint committees: the Joint Committee on Payment Systems and Consumer Protection and another overseeing the Telecom Identity Risk Management System (TIRMS) Portal.
The TIRMS platform is expected to play a key role in tackling fraud by enabling financial institutions to verify the status of mobile numbers in real time, including detecting swapped, recycled, or flagged numbers often used in fraudulent activities.
Speaking on the development, CBN Governor Olayemi Cardoso described the agreement as a “practical statement of national interest,” emphasizing the need for stronger coordination as Nigerians increasingly rely on digital channels for payments and financial services.
Similarly, NCC Executive Vice Chairman Aminu Maida noted that the MoU represents a milestone in the regulatory stewardship of Nigeria’s digital economy, highlighting its potential to strengthen trust, deepen financial inclusion, and support a more secure digital environment.
The partnership is also expected to improve complaint resolution processes, enhance fraud detection capabilities, and promote safer digital transactions for consumers nationwide.
