The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have formalised a strategic partnership aimed at strengthening consumer protection and tackling electronic fraud across the country’s digital ecosystem.
The agreement, sealed through a Memorandum of Understanding (MoU), establishes a framework for collaboration between the two regulators in key areas such as payment system integrity, fraud mitigation, and digital inclusion.
As part of the initiative, both institutions also inaugurated two joint committees focused on Payment Systems and Consumer Protection, as well as the Telecoms Identity Risk Management System (TIRMS) Portal.
Speaking at the signing ceremony, NCC Executive Vice Chairman Dr Aminu Maida described the agreement as a milestone in enhancing regulatory cooperation. He noted that the partnership would translate into practical measures to strengthen trust, improve financial system stability, and support a secure digital economy.
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Dr Maida described the signing of the MoU as an important milestone in the regulatory stewardship of Nigeria’s digital economy, which reflects a shared commitment to collaboration in strengthening financial system stability, advancing digital inclusion, and protecting consumers in an increasingly interconnected ecosystem.
“Over the years, our two institutions have demonstrated the value of close regulatory coordination. A notable and recent example is our collective effort in resolving the long-standing USSD debt impasse, an intervention that restored confidence, preserved service continuity, and safeguarded the interests of consumers, telecom operators, and financial institutions alike. That experience reaffirmed a simple truth: that complex, cross-sector challenges are best addressed through structured collaboration.”
“This MoU provides a clear framework for cooperation in critical areas such as payment system integrity, consumer protection, fraud mitigation, and the responsible use of digital infrastructure. In particular, it supports initiatives that promote secure digital payments, enhance trust in mobile-enabled financial services, and extend safe access to underserved populations and MSMEs.” Dr. Maida declared.
The EVC stated that the collaboration is designed for the prevention of electronic fraud, which has become increasingly pervasive, with significant implications for the integrity of our digital economy.
“Through the Telecom Identity Risk Management System (TIRMS) Portal, which aggregates data on churned (recycled) phone numbers, as well as numbers flagged within your sector, the Financial Services Industry will now have enhanced visibility into the status of phone numbers, one of the most widely utilised resources in your sector, although regulated by the NCC.”
In his remarks, CBN Governor Mr Olayemi Cardoso described the MoU as one that will strengthen coordination on approvals, technical standards, and innovation trials, including sandbox testing that supports market-led solutions while safeguarding stability.
“Going forward, 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, one 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 Telecoms Identity Risk Management System (TIRMS) Portal, which he said would put the protection of consumers of both sectors from fraud at the forefront.