New NCC, CBN partnership targets telecom-linked fraud and financial risks

The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have signed a Memorandum of Understanding to enhance their collaboration on fraud prevention, consumer protection, and digital financial inclusion. Both regulators emphasize that this partnership is vital as Nigeria’s telecommunications and financial sectors become increasingly interconnected.

The MoU was signed alongside the inauguration of two joint committees: the Joint Committee on Payment Systems and Consumer Protection, and the Joint Committee on the Telecoms Identity Risk Management System (TIRMS) Portal.

The agreements create a formal structure for the two regulators to coordinate on issues that cut across both sectors.

Executive Vice Chairman of the NCC, Aminu Maida, described the signing as a milestone in Nigeria’s digital economy governance.

“Many of the critical milestones we have achieved in addressing some of our industry’s challenges have been made possible through strategic partnerships and sustained collaboration,” he said, pointing to the resolution of the longstanding USSD debt impasse as a recent example of what the two institutions can achieve when they work together.

What the NCC—CBN partnership will do

A key component of the agreement is the Telecoms Identity Risk Management System (TIRMS) Portal. It’s a system that enables banks to access up-to-date information on the status of phone numbers throughout Nigeria’s phone networks.

Knowing the current telecom data is crucial for preventing fraud because mobile numbers are widely used for banking authentication, transaction alerts, and account recovery. This includes knowing if a number is active, has been swapped or disconnected, has been reassigned to a new user, or has been flagged for suspicious activity.

“Financial institutions will now have enhanced visibility into the status of phone numbers,” Maida said. “This ensures that our financial services industry is better equipped with timely and relevant information to effectively combat e-fraud, particularly those perpetuated using phone numbers.”

In addition to the TIRMS Portal, this agreement outlines how to handle consumer complaints that involve both sectors, such as failed airtime or data purchases. Both organisations have agreed to resolve such issues promptly and will work together to create policies that address new challenges.

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CBN Governor Olayemi Cardoso said the partnership would also strengthen coordination on technical standards and innovation trials, including sandbox testing for new market solutions.

“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,” he said.

This MoU formalizes the existing relationship between the two regulators, providing a structured and enforceable framework for future challenges.