NCC, CBN Sign MoU on Consumer Protection, Inaugurate Anti-Fraud Committees

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

As part of the agreement, both institutions also inaugurated two joint committees: the Joint Committee on Payment Systems and Consumer Protection, and the Joint Committee on Telecoms Identity Risk Management System (TIRMS) Portal.

Speaking at the signing, NCC Executive Vice Chairman and Chief Executive Officer, Aminu Maida, said the MoU establishes a structured framework for collaboration in critical areas such as payment system integrity, fraud mitigation, digital inclusion, and consumer protection—particularly for micro, small and medium-sized enterprises (MSMEs).

He described the agreement as a significant milestone in the regulatory stewardship of Nigeria’s digital economy, noting that it reflects a shared commitment to strengthening financial system stability, advancing inclusion, and safeguarding consumers in an increasingly interconnected ecosystem.

Maida emphasised that collaboration has been central to the NCC’s successes, citing the joint intervention by both institutions in resolving the USSD debt impasse, which restored confidence, ensured service continuity, and protected stakeholders across the telecom and financial sectors.

He explained that the MoU would drive initiatives that promote secure digital payments, enhance trust in mobile-enabled financial services, and expand safe access to underserved populations.

A key feature of the collaboration, he noted, is the Telecom Identity Risk Management System (TIRMS) Portal, designed to curb electronic fraud. The platform aggregates data on recycled phone numbers, SIM swaps, disconnections, and numbers flagged for suspicious activity, providing financial institutions with real-time insights to detect and prevent fraud.

According to Maida, this enhanced visibility will enable financial service providers to verify the status of phone numbers—one of the most widely used tools in digital finance—thereby strengthening fraud detection and prevention mechanisms.

He added that the partnership will also improve consumer experience, assuring Nigerians of quicker resolution of issues such as failed airtime recharges, while enabling coordinated policy responses to emerging risks in the digital and financial landscape.

In his remarks, CBN Governor, Olayemi Cardoso, said the MoU would deepen coordination between both regulators on approvals, technical standards, and innovation trials, including regulatory sandbox initiatives.

Cardoso reaffirmed the CBN’s commitment to working with the NCC to build a safer, more resilient, and inclusive digital financial system that supports national productivity, protects consumers, and strengthens trust.

He subsequently inaugurated the two joint committees, noting that their work will prioritise the protection of consumers across both sectors and reinforce efforts to tackle fraud.