The Nigerian Communications Commission and the Central Bank of Nigeria have signed a Memorandum of Understanding aimed at strengthening consumer protection, tackling fraud and improving coordination between the telecommunications and financial sectors.
The agreement was formalised on Monday alongside the inauguration of a Joint Committee on Payment Systems and Consumer Protection and a Joint Committee on the Telecoms Identity Risk Management System, or TIRMS, Portal.
NCC Executive Vice Chairman and Chief Executive Officer, Aminu Maida, said the MoU provides a structured framework for cooperation in areas such as payment system integrity, fraud mitigation, digital inclusion and consumer protection. He said the partnership would help deliver practical outcomes that strengthen trust, deepen inclusion and support a more secure digital economy.
Maida described the agreement as an important milestone in regulatory coordination, saying it reflects the commitment of both institutions to strengthen financial stability, advance inclusion and protect consumers in an increasingly connected ecosystem.
He said the collaboration builds on previous joint efforts by both regulators, including the resolution of the long-running USSD debt dispute, which he said restored confidence, preserved service continuity and protected the interests of consumers, telecom operators and financial institutions.
According to him, the MoU also supports the responsible use of digital infrastructure and will promote secure digital payments, improve trust in mobile-enabled financial services and expand safe access for underserved populations and micro, small and medium-sized enterprises.
A key feature of the arrangement is the TIRMS Portal, which Maida said will help financial institutions detect fraud linked to mobile numbers. He said the system aggregates data on churned or recycled phone numbers as well as lines flagged for suspicious activity.
Through the portal, financial institutions will be able to determine whether a line is active, swapped, disconnected due to inactivity, reassigned to a new subscriber or flagged for possible fraud, he said. He added that this would give the financial services industry timely information to combat electronic fraud more effectively.
Maida also said the agreement would improve consumer complaint resolution, including cases where airtime recharges fail to deliver value. He said the MoU creates a platform for sustained engagement, coordinated policy responses and joint action as new risks and opportunities emerge across the digital and financial landscape.
CBN Governor Olayemi Cardoso said the MoU would strengthen coordination on approvals, technical standards and innovation trials, including sandbox testing, while safeguarding stability.
Cardoso said the central bank remained committed to working with the NCC to build a safer, more resilient and more inclusive digital financial system that supports productivity, protects consumers and strengthens trust in Nigeria’s digital economy.
He then inaugurated the two joint committees, saying they would place consumer protection and fraud prevention at the centre of cooperation between both sectors.
