The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have signed a Memorandum of Understanding (MoU) to enhance collaboration across Nigeria’s financial and telecommunications sectors to protect customers.
VDCInsights reports that the MOU is aimed at strengthening consumer protection, tackling electronic fraud, and related crimes.
The agreement signed on at the CBN headquarters in Abuja on Monday, saw both institutions inaugurate two joint committees to drive the initiative.
The committees include the Joint Committee on Payment Systems and Consumer Protection, and the Joint Committee on the Telecoms Identity Risk Management System (TIRMS) Portal.
Speaking at the occasion, the Governor of the CBN, Olayemi Cardoso, said the MoU will enhance coordination between both institutions on regulatory approvals, technical standards, and innovation frameworks, including sandbox testing for new financial solutions.
Cardoso reiterated the apex bank’s commitment to working closely with the NCC to build a safer, more inclusive, and efficient digital financial system.
He added that the newly inaugurated committees will place consumer protection at the centre of both sectors while strengthening trust in Nigeria’s rapidly evolving digital economy.
On his part the Executive Vice Chairman and Chief Executive Officer of the NCC, Aminu Maida, described the MoU as a major step in strengthening Nigeria’s digital economy through regulatory collaboration.
Maida stated that the agreement provides a structured framework for cooperation in key areas such as payment system integrity, fraud prevention, digital inclusion, and consumer protection.
According to him, the partnership reflects a shared commitment to building a secure, inclusive, and resilient digital ecosystem.
Maida noted that collaboration between the NCC and CBN has previously yielded positive results, citing the resolution of the USSD debt impasse as an example of effective regulatory coordination.
He explained that the Telecom Identity Risk Management System (TIRMS) Portal will play a critical role in combating fraud by providing financial institutions with real-time data on phone number status.
Through the system, banks and other financial service providers will be able to track whether a number is active, swapped, inactive, reassigned, or flagged for suspicious activity thereby strengthening fraud detection and prevention mechanisms.
He added that the initiative will also improve consumer experience by ensuring quicker resolution of issues such as failed airtime recharges and other service-related complaints.
