NCC, CBN sign framework to protect consumers against e-fraud, enhance digital inclusion

*Dr. Aminu Maida, Executive Vice-Chairman and CEO, Nigerian Communications Commission, explains the Commission’s new MoU with the Central Bank of Nigeria offers a structured framework for cooperation in payments system integrity, fraud mitigation, digital inclusion, and protection of consumers, and MSMEs in the economy

Gbenga Kayode | ConsumerConnect

As part of the two organisations’ efforts at safeguarding consumers against fraud, the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have signed a Memorandum of Understanding (MoU), opening opportunities to leverage the potential of the telecoms and financial sectors of the economy.

ConsumerConnect reports the NCC and CBN inked the new MoU while inaugurating a Joint Committee on Payment Systems and Consumer Protection and a Joint Committee on Telecoms Identity Risk Management System (TIRMS) Portal.

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Speaking on the objective of the collaboration between the Commission and CBN, Dr. Aminu Maida, Executive Vice-Chairman and Chief Executive Officer (EVC/CEO) of NCC, said the MoU provided a structured framework for cooperation in critical areas including payment system integrity, fraud mitigation, digital inclusion, and the protection of consumers, micro, small and medium-sized enterprises.

Framework to support a secure, resilient Nigeria Digital Economy: Maida

Dr. Maida said the framework for collaboration with the CBN would lead to practical outcomes that strengthen trust, deepen inclusion, and support a secure and resilient Nigeria Digital Economy.

The Executive Vice-Chairman of NCC also described the signing of the MoU as an important milestone in “the regulatory stewardship” of the West African country’s digital economy.

According to him, the development reflects a shared commitment to collaboration in strengthening financial system stability, advancing digital inclusion, and protecting consumers in an increasingly interconnected ecosystem.

EVC: NCC, CBN exemplify value of close regulatory coordination

Mrs. Nnenna Ukoha, Head of Public Affairs Department at NCC, Monday, April 20, 2026, also stated Dr. Maida said: “The Commission places significant importance on collaboration.

“Indeed, many of the critical milestones we have achieved in addressing some of our industry’s challenges—and even in leapfrogging our sector—have been made possible through strategic partnerships and sustained collaboration.

“Our collaboration with the Central Bank is not new.”

He explained: “Over the years, our two institutions have demonstrated the value of close regulatory coordination.

“A notable and recent example is our collective effort in resolving the long-standing USSD debt impasse—an intervention that restored confidence, preserved service continuity, and safeguarded the interests of consumers, telecom operators, and financial institutions alike.”

On core areas of collaboration

The EVC/CEO of the telecoms sector regulatory Commission described the experience as reaffirmation of a simple truth, that complex, cross-sector challenges are best addressed through structured collaboration.

He further stated: “This MoU provides a clear framework for cooperation in critical areas, such as payment system integrity, consumer protection, fraud mitigation, and the responsible use of digital infrastructure.

“In particular, it supports initiatives that promote secure digital payments, enhance trust in mobile-enabled financial services, and extend safe access to underserved populations and MSMEs.”

Maida saud: “For the NCC, this MoU speaks directly to one of the critical pillars of our strategic focus: leveraging cross-sectoral innovation to deliver a safe, resilient, inclusive and trusted digital ecosystem.

“As mobile numbers increasingly underpin identity, authentication, and financial access, collaboration with the CBN is essential to ensuring that innovation is matched with strong governance, system stability, and consumer safeguards.”

The NCC Chief Executive as well explained that the collaboration is designed for “the prevention of electronic fraud, which has become increasingly pervasive, with significant implications for the integrity of our digital economy.”

He explained that through the Telecom Identity Risk Management System (TIRMS) Portal—which aggregates data on churned (recycled) phone numbers, as well as numbers flagged within your sector—the Financial Services Industry will now have enhanced visibility into the status of phone numbers, one of the most widely utilised resources in your sector, although regulated by the NCC.

The EVC/CEO noted: “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.

“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 the country.”

Protection of consumers remains our collective mandate

Underscoring the importance of protecting Nigerian consumers, Dr. Maida said: “The second area I want to highlight is an overarching one that both our institutions have consistently championed: it is the protection of Nigerian consumers.

“With this handshake, consumers who experience issues such as airtime recharges that do not deliver value can be assured of prompt resolution within the shortest possible time.”

The Executive Vice-Chairman of the Commission also stated: “The establishment of a platform for sustained engagement, coordinated policy responses, and joint action as new risks and opportunities emerge across the digital and financial landscape by this MoU, positions our two institutions to remain proactive, aligned, and effective in fulfilling our respective mandates.”

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Speaking at the strategic engagement with the NCC, Olayemi Cardoso, Governor of CBN, also described the MoU as one that would strengthen coordination on approvals, technical standards, and innovation trials, including sandbox testing that supports market-led solutions while safeguarding stability.

Cardoso stated: “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.”

The statement disclosed the Governor of CBN subsequently, inaugurated the Joint Committee on Payment Systems and Consumer Protection and the Joint Committee on Telecoms Identity Risk Management System (TIRMS) Portal.

Cardoso emphasised that the two committees would put the protection of consumers of both sectors from fraud at the forefront.

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