The Nigerian Communications Commission and the Central Bank of Nigeria have signed a Memorandum of Understanding (MoU) to enhance consumer protection and combat fraud within Nigeria’s telecommunications and financial sectors.
According to a press statement signed by Nnenna Ukoha, Head of Public Affairs Department, NCC, the partnership also saw the inauguration of a Joint Committee on Payment Systems and Consumer Protection, alongside a Joint Committee on Telecoms Identity Risk Management System (TIRMS) Portal.
Speaking during the event, the Executive Vice Chairman of NCC, Aminu Maida, described the agreement as a significant step towards strengthening the country’s digital economy through enhanced regulatory collaboration.
According to him, the MoU establishes a framework for cooperation in key areas including payment system integrity, fraud mitigation, digital inclusion, and consumer protection, particularly for Micro, Small and Medium Enterprises (MSMEs).
He noted that both institutions have maintained a long-standing relationship, citing their joint intervention in resolving the USSD debt impasse as a testament to the benefits of coordinated regulatory action.
Maida further explained that the Telecom Identity Risk Management System (TIRMS) Portal would provide financial institutions with critical data on phone numbers, including their activity status, history of swaps, disconnections, reassignments, and fraud alerts.
He said the initiative would significantly improve the ability of financial institutions to detect and prevent electronic fraud, especially those linked to mobile numbers.
The NCC boss added that the collaboration would also ensure quicker resolution of consumer complaints such as unsuccessful airtime recharges, through improved coordination between both regulators.
On his part, the Governor of the CBN, Olayemi Cardoso, said the MoU would deepen coordination on regulatory approvals, technical standards, and innovation initiatives, including sandbox testing for emerging financial solutions.
He reaffirmed the commitment of the apex bank to fostering a secure, inclusive, and resilient digital financial ecosystem that supports national development and protects consumers.
Cardoso thereafter inaugurated the joint committees, stressing that they would place consumer protection and fraud prevention at the forefront of their mandate.
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