The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have formalized a partnership by signing a memorandum of understanding (MoU) aimed at combating SIM-related fraud and strengthening consumer protection across Nigeria’s digital ecosystem. This agreement was signed at the CBN headquarters in Abuja.
The pact is designed to enhance coordination between the financial services and telecommunications sectors. Its primary focus is on tackling electronic fraud linked to mobile numbers, bolstering the integrity of the payment system, and ensuring robust consumer protection.
CBN Governor, Olayemi Cardoso, stated that the MoU represents a “practical statement of national interest.” He emphasized that the increasing reliance on digital channels for financial services necessitates stronger collaboration between the two regulatory bodies. The agreement is expected to reinforce the stability and integrity of Nigeria’s payment system while simultaneously fostering innovation and safeguarding consumers.
Cardoso further explained that the deal will improve coordination on approvals, technical standards, and innovation trials, including sandbox testing, to ensure financial services remain reliable and scalable. The partnership is also intended to enhance the response to the rising tide of electronic fraud, with Cardoso noting that addressing these threats requires “joined-up action, shared intelligence, clearer escalation paths, stronger operational readiness across regulated entities, and consistent public education.”
A significant component of this agreement is the planned rollout of the Telecom Identity Risk Management Portal. This platform is conceived as a data-sharing tool designed to detect fraud associated with recycled, swapped, or blacklisted phone numbers. The portal will enable real-time verification of mobile number status across banks and fintech firms, thereby introducing an additional layer of security for consumers and the broader financial system.
Strict adherence to data protection laws, including encryption and consent protocols, will govern the utilization of this platform. The Executive Vice Chairman of the NCC, Aminu Maida, described the agreement as a crucial step in fortifying Nigeria’s digital economy, stating that collaboration between the CBN and NCC is “not optional; it is imperative.”
Maida highlighted that the initiative will provide financial institutions with enhanced visibility into the status of phone numbers used in transactions. This includes identifying whether a mobile line has been swapped, recycled, or flagged for fraudulent activities. He added that the agreement will also improve consumer protection, assuring Nigerians that issues such as failed airtime recharges will be addressed more efficiently under the new framework.
The collaboration builds on previous efforts, including a 2018 MoU that allowed telecom operators to participate in mobile money services. Joint interventions such as resolving the USSD pricing dispute and introducing a N6.98 per session fee, along with recent efforts to address failed transactions through a proposed 30-second refund framework, were also mentioned.
To drive the implementation of this new agreement, two joint committees will be established: the Joint Committee on Payment Systems and Consumer Protection, and the Joint Committee on the telecom risk management platform. The partnership is anticipated to deepen digital financial inclusion, mitigate fraud risks, and bolster trust within Nigeria’s rapidly expanding digital economy.
