NCC, CBN Partner to Tackle Fraud in Telecom, Banking Sectors

NCC, CBN Partner to Tackle Fraud in Telecom, Banking Sectors

JOEL OLADELE, Abuja 

The Nigerian Communications Commission and the Central Bank of Nigeria have formalised a new partnership aimed at strengthening consumer protection and curbing electronic fraud across the country’s telecoms and financial sectors.

The collaboration, sealed through a Memorandum of Understanding (MoU), also saw the inauguration of two joint committees focused on payment systems oversight and telecoms identity risk management.

In a statement issued Monday by the Head of Public Affairs at the NCC, Nnenna Ukoha, the two regulators said the agreement establishes a framework for deeper coordination in safeguarding users and enhancing trust in Nigeria’s digital economy.

Speaking at the signing, NCC’s Executive Vice Chairman, Aminu Maida, described the MoU as a milestone in regulatory collaboration, noting that it would address critical issues such as fraud prevention, payment system integrity and digital inclusion.

“The MoU provides a structured framework for cooperation in key areas, including consumer protection and fraud mitigation, which will translate into practical outcomes that strengthen trust and support a resilient digital economy,” Maida said.

He added that the agreement builds on an existing relationship between both institutions, citing their joint intervention in resolving the long-standing USSD debt dispute as proof of the effectiveness of coordinated regulation.

According to him, “complex, cross-sector challenges are best addressed through structured collaboration,” stressing that the new pact would enhance secure digital payments and expand safe access to financial services, particularly for underserved populations and small businesses.

A major feature of the partnership is the rollout of the Telecoms Identity Risk Management System (TIRMS) portal, which is designed to help financial institutions track and verify the status of mobile phone numbers.

Maida explained that the platform would provide critical data on whether a number is active, recently swapped, reassigned or flagged for suspicious activity.

“This ensures that financial institutions are better equipped with timely information to combat e-fraud, especially those perpetrated using phone numbers,” he said.

He further noted that the initiative would improve response time to consumer complaints, particularly cases involving failed airtime recharges and related service issues.

On his part, the Governor of the CBN, Olayemi Cardoso, said the agreement would enhance regulatory coordination in areas such as approvals, technical standards and innovation.

He emphasised that the collaboration would also support controlled testing of new financial solutions through sandbox frameworks while maintaining system stability.

“Going forward, the Central Bank remains committed to working with the NCC to deliver a safer, more inclusive digital financial system that protects consumers and strengthens trust,” Cardoso said.

The CBN governor subsequently inaugurated the Joint Committee on Payment Systems and Consumer Protection, as well as the Joint Committee overseeing the TIRMS portal, both of which are expected to drive implementation of the agreement.

Regulators say the initiative comes amid rising concerns over electronic fraud and the growing intersection between telecommunications and financial services, with mobile numbers increasingly serving as key tools for identity and transaction authentication.