The Central Bank of Nigeria and the Nigerian Communications Commission have signed a memorandum of understanding to tackle SIM-related fraud and strengthen consumer protection across Nigeria’s digital ecosystem.
The agreement, signed on Monday at the CBN headquarters in Abuja, aims to enhance coordination between the financial and telecommunications sectors, focusing on combating electronic fraud linked to mobile numbers and improving payment system integrity.
Speaking at the event, the CBN Governor, Olayemi Cardoso, described the pact as a critical step toward safeguarding Nigeria’s financial system.
“This MoU is not merely an administrative document; it is a practical statement of national interest,” Mr Cardoso said.
He noted that the growing reliance on digital channels for payments requires stronger collaboration between regulators.
“Addressing these threats requires joined-up action, shared intelligence, clearer escalation paths, stronger operational readiness… and consistent public education,” he added.
Fraud detection platform
A key feature of the agreement is the rollout of the Telecom Identity Risk Management Portal, a data-sharing platform designed to detect fraud linked to recycled, swapped, or blacklisted phone numbers.
Mr Cardoso said the platform would enable real-time verification of mobile number status across banks and fintech firms, adding an extra layer of protection for consumers.
He emphasised that strict compliance with data protection laws, including encryption and user consent, would guide the platform’s implementation.
NCC position
Also speaking, the Executive Vice Chairman of the NCC, Dr Aminu Maida, described the agreement as a milestone for Nigeria’s digital economy.
“The signing of this Memorandum of Understanding marks an important milestone… collaboration between both institutions is not optional; it is imperative,” Mr Maida said.
He explained that the initiative would give financial institutions better visibility into the status of phone numbers used in transactions.
“This ensures that our financial services industry is better equipped… to effectively combat e-fraud,” he added.
Consumer protection focus
Mr Maida also assured that consumer issues, including failed airtime recharges, would be resolved more efficiently under the new framework.
Earlier, the Director of Payment System Supervision at the CBN, Dr Rakiya Yusuf, said the partnership reflects years of evolving collaboration between both regulators.
She highlighted past joint interventions, including the resolution of USSD pricing disputes and efforts to address failed transactions through a proposed 30-second refund framework.
Implementation plan
Under the agreement, two joint committees will be established to drive implementation. These include the Joint Committee on Payment Systems and Consumer Protection, and another focused on the telecom risk management platform.
The initiative builds on earlier frameworks designed to align mobile payment regulations with telecom operations and improve service delivery across sectors.
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