The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have formalized a strategic partnership through the signing of a Memorandum of Understanding (MoU) aimed at enhancing consumer protection, curbing fraud, and unlocking greater value across Nigeria’s telecommunications and financial ecosystems.
As part of the agreement, both institutions inaugurated two critical joint structures: the Joint Committee on Payment Systems and Consumer Protection, and the Joint Committee on the Telecoms Identity Risk Management System (TIRMS) Portal. These committees are expected to drive coordinated regulatory action and strengthen oversight across both sectors.
Speaking at the signing, the Executive Vice Chairman and Chief Executive Officer of NCC, Aminu Maida, described the MoU as a framework for structured collaboration in key areas such as payment system integrity, fraud prevention, digital inclusion, and consumer protection particularly for micro, small, and medium-sized enterprises (MSMEs). He noted that the partnership would translate into tangible outcomes that enhance trust, expand inclusion, and reinforce the resilience of Nigeria’s digital economy.
Dr. Maida emphasized that the agreement represents a significant milestone in regulatory coordination, reflecting a shared commitment to strengthening financial system stability and safeguarding consumers in an increasingly interconnected digital environment. He highlighted the longstanding collaboration between NCC and CBN, citing the successful resolution of the USSD debt impasse as a clear demonstration of the power of joint regulatory action.
According to him, the MoU establishes a clear pathway for advancing secure digital payments, improving trust in mobile-enabled financial services, and expanding safe access to underserved populations. He added that as mobile numbers continue to serve as critical tools for identity, authentication, and financial access, closer collaboration between both regulators is essential to ensure innovation is supported by strong governance and consumer safeguards.
A major highlight of the initiative is the deployment of the Telecom Identity Risk Management System (TIRMS) Portal. This platform aggregates data on recycled (churned) phone numbers and those flagged for suspicious activity, providing financial institutions with real-time insights into the status of mobile lines. With this capability, institutions can identify whether a number is active, recently swapped, reassigned, or linked to fraudulent activity thereby strengthening efforts to combat electronic fraud.
Dr. Maida also underscored the importance of consumer protection under the agreement, noting that issues such as failed airtime recharges will now be addressed more efficiently through coordinated mechanisms. He explained that the MoU establishes a platform for continuous engagement, joint policy responses, and proactive action in addressing emerging risks within the digital and financial landscape.
On his part, the Governor of the CBN, Olayemi Cardoso, described the MoU as a forward-looking initiative that will deepen regulatory coordination in areas such as approvals, technical standards, and innovation testing, including sandbox frameworks that support market-driven solutions while ensuring system stability.
He reaffirmed the apex bank’s commitment to working closely with the NCC to build a secure, inclusive, and resilient digital financial system that enhances national productivity, protects consumers, and strengthens confidence in Nigeria’s evolving digital economy.
Mr. Cardoso subsequently inaugurated both joint committees, reiterating that their work will prioritize consumer protection and reinforce safeguards against fraud across the telecommunications and financial sectors.
