The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have signed a memorandum of understanding to protect consumers from fraud and strengthen cooperation between the telecommunications and financial sectors.
Both organisations also inaugurated a joint committee on payment systems and consumer protection and a joint committee on telecoms identity risk management system portal.
Executive vice chairman of NCC Aminu Maida said the agreement provides a framework for cooperation in areas such as payment systems, fraud prevention, digital inclusion and consumer protection.
He described the move as a milestone in regulatory collaboration and noted that past joint efforts, including the resolution of the USSD debt issue, showed the value of coordinated action.
Maida said the agreement would support secure digital payments and improve trust in mobile-based financial services, especially for underserved users and small businesses.
On fraud prevention, he said the telecom identity risk management system portal would give financial institutions better visibility into the status of phone numbers, including recycled or flagged lines.
“This means that the financial institutions will be able to determine when a line is active, when it has been swapped, when it has been disconnected due to inactivity and reassigned to a new subscriber, and when it has been flagged for suspicious or fraudulent activity,” Maida said.
He added that the partnership would also improve how consumer complaints such as failed airtime recharges are handled, with faster resolution expected.
CBN governor Olayemi Cardoso said the agreement would improve coordination on approvals, technical standards and innovation testing.
“Going forward, the Central Bank of Nigeria remains fully committed to working with the Nigerian Communications Commission to deliver a safer, more resilient, and more inclusive digital financial system—one that supports national productivity, protects consumers, and strengthens trust in Nigeria’s digital economy,” Mr Cardoso said.
Cardoso also inaugurated the two committees, saying they would focus on protecting consumers in both sectors from fraud.
