By George Ozalla
L – R: Olatokunboh Oyeleye, Director, Cybersecurity and Internet Governance, Nigerian Communications Commission, NCC; Dr. Aminu Maida, Executive Vice Chairman/CEO, NCC; Mr Olayemi Cardoso, Governor of Central Bank of Nigeria; Dr. Rakiya Opemi Yusuf, Director, Payment System Supervision Department, CBN, during the signing of Memorandum of Understanding between NCC and CBN, on the 20th of April 2026, At CBN Headquarters Abuja
The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have signed a Memorandum of Understanding aimed at strengthening consumer protection, improving payment system integrity and curbing electronic fraud across Nigeria’s digital and financial sectors.
The agreement was signed in Abuja alongside the inauguration of two joint committees on Payment Systems and Consumer Protection, and the Telecoms Identity Risk Management System (TIRMS) Portal.
The Executive Vice Chairman and Chief Executive Officer of the NCC, Aminu Maida, said the partnership reflects deeper regulatory coordination between both institutions in addressing emerging risks within the digital economy. He said mobile numbers have become central to identity verification and financial access, making collaboration between telecoms and financial regulators critical.
Maida said the framework will support efforts in fraud prevention, payment system integrity, consumer protection and expanded access to secure digital services for individuals and small businesses. He recalled earlier cooperation between both regulators, including joint intervention that resolved the USSD debt dispute and restored service stability across the sector.
He explained that the TIRMS Portal will provide financial institutions with real-time information on mobile number status, including active, recycled, disconnected or flagged lines, to strengthen detection and prevention of fraud linked to telecom channels.
He also said the agreement would improve consumer complaint resolution, particularly issues involving failed airtime recharges and service-related disputes, through a coordinated response mechanism between both agencies.
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, said the MoU would enhance coordination on technical standards, regulatory approvals and innovation testing, including sandbox initiatives that support new financial solutions while maintaining stability in the system.
Cardoso said the CBN remains committed to building a safer, more inclusive and resilient digital financial environment that strengthens trust and supports national economic productivity.
Both institutions said the collaboration marks a stronger alignment in regulatory oversight aimed at improving consumer protection and reducing fraud risks across Nigeria’s telecommunications and financial systems.
