Nigeria’s push toward a safer digital economy received a boost on Monday as the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) formalised a partnership aimed at protecting consumers and curbing fraud across the telecommunications and financial sectors.
The agreement, sealed through a Memorandum of Understanding (MoU), also saw the inauguration of two joint committees focused on payment systems, consumer protection, and telecoms identity risk management.
Speaking at the event, the Executive Vice Chairman of NCC, Aminu Maida, described the MoU as a critical step in strengthening Nigeria’s digital economy. He said the partnership provides a structured framework for cooperation in areas such as payment system integrity, fraud mitigation, digital inclusion, and consumer protection, particularly for micro, small and medium-sized enterprises.
Mr Maida noted that collaboration between both institutions has historically delivered results, citing the resolution of the long-standing USSD debt dispute as a key example of effective regulatory coordination.
According to him, the agreement will enhance trust in mobile-enabled financial services and ensure that innovation in the sector is matched with strong governance and consumer safeguards.
A major highlight of the initiative is the introduction of the Telecom Identity Risk Management System (TIRMS) Portal, which will provide financial institutions with real-time data on the status of phone numbers. This includes information on whether a number is active, recently swapped, disconnected, reassigned, or flagged for suspicious activity—tools expected to significantly reduce electronic fraud.
“The financial services industry will now have enhanced visibility into phone number data, enabling better detection and prevention of fraud,” Mr Maida said.
He added that the collaboration would also ensure quicker resolution of consumer complaints, including failed airtime recharges and other service-related issues, through a more coordinated response framework.
On his part, the Governor of the CBN, Olayemi Cardoso, said the MoU would strengthen regulatory coordination on approvals, technical standards, and innovation initiatives such as sandbox testing.
Mr Cardoso reaffirmed the apex bank’s commitment to working with the NCC to build a secure, inclusive, and resilient digital financial ecosystem that supports national productivity and safeguards consumers.
He subsequently inaugurated the Joint Committee on Payment Systems and Consumer Protection, as well as the Joint Committee on Telecoms Identity Risk Management System (TIRMS) Portal, noting that both bodies would prioritise consumer protection in the face of rising digital fraud.
The statement announcing the development was signed by Nnenna Ukoha, Head of Public Affairs at the NCC.