NCC, CBN deepen joint strategy to curb fraud in telecoms, banking ecosystem

The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have signed a Memorandum of Understanding aimed at strengthening consumer protection and tackling fraud across the telecommunications and financial services sectors.

Nnenna Ukoha, Head, Public Affairs Department, NCC disclosed this in a statement on Monday in Abuja, noting that the agreement also formalises the establishment of joint committees on payment systems, consumer protection, and the Telecoms Identity Risk Management System (TIRMS) portal.

According to her, the MoU is designed to enhance coordination between both regulators in addressing emerging risks in the converging telecoms and financial services landscape.

Speaking on the development, Aminu Maida, NCC Executive Vice Chairman, said the framework would support collaboration on payment integrity, fraud mitigation, digital inclusion, and consumer protection.

He said the partnership is expected to strengthen trust in the digital economy, deepen financial inclusion, and improve overall system security.

“This milestone reflects both institutions’ commitment to financial stability and consumer protection in an increasingly interconnected ecosystem,” Maida said.

He noted that many past industry challenges had been resolved through strategic collaboration, citing the joint NCC and CBN intervention in resolving the USSD debt dispute, which helped restore confidence among consumers, telecom operators, and financial institutions.

Maida added that the agreement would promote secure digital payments while expanding access to underserved populations and small businesses.

He explained that the TIRMS portal would play a key role in combating electronic fraud by providing real-time information on phone number status, including whether a line is active, swapped, disconnected, reassigned, or flagged for suspicious activity.

“This will significantly improve the ability of financial institutions to combat phone-linked fraud,” he said.

He also said the collaboration would enhance the resolution of consumer complaints, including issues relating to failed airtime recharges.

On his part, Olayemi Cardoso, CBN Governor said the MoU would improve coordination on regulatory approvals, standards, and innovation, including sandbox testing.

Cardoso reaffirmed the apex bank’s commitment to building a safer, more resilient, and inclusive digital financial system.

“Going forward, the Central Bank remains committed to working with the Commission to protect consumers and strengthen trust in the digital economy,” he said.

He also inaugurated the joint committees, which he said would prioritise consumer protection and fraud prevention.

The initiative is expected to strengthen confidence in digital transactions while addressing risks across Nigeria’s converging telecoms and financial services sectors.