From left: NCC EVC/CEO, Dr. Aminu Maida and CBN Governor, Olayemi Cardoso shortly after signing the MoU.

The Nigerian Communications Commission NCC, and the Central Bank of Nigeria CBN, have signed a Memorandum of Understanding MoU, designed to strengthen strategic partnership to curb fraud and boost the protection of consumer in the telecommunications and financial services sectors of the country.

As part of efforts to enforce the strategic partnership, both organisations have set up two joint committees comprising the Joint Committee on Payment Systems and Consumer Protection, and the Joint Committee on Telecoms Identity Risk Management System TIRMS, Portal.

This strategic partnership signals a coordinated regulatory approach to addressing the growing risks associated with Nigeria’s increasingly interconnected digital and financial landscape, while unlocking opportunities for safer and more inclusive service delivery.

Executive Vice Chairman/CEO of the NCC, Dr. Aminu Maida, who spoke during the formal inauguration of the Committees, noted that the partnership stands as a structured framework for cooperation in critical areas such as payment system integrity, fraud mitigation, digital inclusion, and consumer protection.

“This initiative is designed to deliver tangible outcomes that strengthen trust, expand financial inclusion, and reinforce the resilience of Nigeria’s digital economy.

“This MoU is a significant milestone in regulatory coordination, noting that sustained collaboration between both institutions has historically yielded impactful results. He cited the joint resolution of the USSD debt impasse as a recent example of effective inter-agency cooperation that restored service stability and consumer confidence”, Dr. Maida said.

It was gathered that a key feature of the partnership is the deployment of the Telecoms Identity Risk Management System TIRMS Portal. The system aggregates data on recycled and flagged phone numbers, enabling financial institutions to verify the status of mobile lines—whether active, swapped, inactive, or linked to suspicious activities.

This platform is also expected to significantly enhance the ability of the financial sector to detect and prevent electronic fraud, particularly schemes that exploit mobile numbers as identity and transaction tools.

The NCC-Boss further noted that the agreement will improve consumer experience by ensuring faster resolution of service-related complaints, including failed airtime recharges, through coordinated regulatory intervention.

Meanwhile, Governor of the CBN, Olayemi Cardoso, who also spoke at the inauguration, noted that the MoU would further strengthen the regulatory alignment in areas such as approvals, technical standards, and innovation frameworks, including sandbox testing for emerging financial solutions.

He assured that the CBN is committed to working closely with the NCC to build a secure, inclusive, and innovation-driven digital financial ecosystem that supports national productivity while safeguarding consumers.

The CBN Governor, who officially inaugurated the two joint committees, disclosed that their mandate would prioritise consumer protection and fraud prevention across both sectors.