The Nigerian Communications Commission and the Central Bank of Nigeria have signed a Memorandum of Understanding aimed at strengthening consumer protection and tackling fraud across the telecommunications and financial sectors.
According to a press statement signed by Nnenna Ukoha, Head, Public Affairs Department of the NCC, the agreement also led to the inauguration of a Joint Committee on Payment Systems and Consumer Protection, as well as a Joint Committee on Telecoms Identity Risk Management System (TIRMS) Portal.
Speaking at the event, the Executive Vice Chairman of NCC, Aminu Maida, said the MoU provides a framework for collaboration in critical areas such as payment system integrity, fraud mitigation, digital inclusion, and consumer protection.
He described the development as a milestone in Nigeria’s digital economy, noting that both institutions have a history of effective collaboration, including the resolution of the USSD debt impasse.
Maida explained that the partnership would enhance trust in mobile-enabled financial services and ensure that innovation is supported by strong governance and safeguards.
He added that the Telecom Identity Risk Management System portal would enable financial institutions to access real-time information on phone numbers, including their status, usage, and any fraud-related flags.
According to him, this would strengthen efforts to combat electronic fraud, particularly those involving mobile numbers.
The NCC boss also said the collaboration would improve the resolution of consumer complaints, including failed airtime transactions, through coordinated regulatory action.
In his remarks, the Governor of the CBN, Olayemi Cardoso, said the MoU would enhance coordination on approvals, technical standards, and innovation initiatives such as regulatory sandbox testing.
He reaffirmed the commitment of the apex bank to building a secure, resilient, and inclusive digital financial system that supports economic growth and protects consumers.
Cardoso thereafter inaugurated the joint committees, noting that they would prioritise consumer protection and fraud prevention across both sectors.