- The CBN and NCC signed an MoU to tackle SIM-related fraud and improve consumer protection
- The agreement focuses on strengthening collaboration between financial and telecom regulators
- A Telecom Identity Risk Management Portal will enable real-time verification of phone numbers
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have signed a memorandum of understanding (MoU) aimed at tackling SIM-related fraud and improving consumer protection in Nigeria’s digital ecosystem.
The agreement was formalised on Monday at the CBN headquarters in Abuja, with both regulators stating that the move would strengthen coordination between the financial and telecommunications sectors, The PUNCH reported.
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Focus on fraud prevention, system integrity
According to a statement at the event, the partnership is designed to combat electronic fraud linked to mobile numbers, enhance the integrity of payment systems, and protect consumers using digital financial services.
CBN Governor Olayemi Cardoso described the agreement as a step in the national interest, noting the increasing reliance on digital channels for payments.
He said the collaboration would support innovation while ensuring that Nigeria’s financial system remains secure and reliable.
Cardoso added that the MoU would improve coordination on regulatory approvals, technical standards, and innovation testing, including sandbox initiatives.
New portal to track risky phone numbers
A major feature of the agreement is the introduction of the Telecom Identity Risk Management Portal, a data-sharing platform to help detect fraud linked to recycled, swapped, or blacklisted SIM cards.
According to the CBN governor, the platform will allow banks and fintech firms to verify the status of phone numbers in real time, providing an added layer of protection for consumers.
He noted that the system would operate under strict data protection guidelines, including encryption and user consent protocols.
NCC highlights importance of collaboration
Also speaking, NCC Executive Vice Chairman Aminu Maida said the agreement marks a significant step in strengthening Nigeria’s digital economy.
Maida explained that closer collaboration between regulators is necessary to address emerging risks, particularly fraud linked to mobile numbers.
He added that financial institutions would benefit from improved visibility into the status of phone lines used for transactions, helping them detect suspicious activity more quickly.
Measures to improve consumer experience
The NCC boss also said the framework would help resolve consumer complaints more efficiently, including issues such as failed airtime recharges.
Earlier, CBN’s Director of Payment System Supervision, Rakiya Yusuf, noted that cooperation between both regulators has evolved into a more integrated approach.
She referenced past efforts, such as the 2018 MoU that allowed telecom operators to participate in mobile money services and interventions like the resolution of USSD pricing disputes.
Source: Getty Images
Joint committees to drive implementation
Under the new agreement, two joint committees will be set up to oversee implementation. These include a committee on payment systems and consumer protection, as well as another focused on the telecom risk management platform.
The regulators said the initiative is expected to deepen financial inclusion, reduce fraud risks, and build trust in Nigeria’s growing digital economy.
The development follows earlier efforts by the CBN and NCC to address complaints around failed airtime and data transactions.
A draft framework published by the apex bank outlines plans to standardise complaint resolution timelines, clarify accountability, and improve coordination among banks, telecom operators, and payment service providers.
Experts raise fresh concerns about cyber fraud targeting bank accounts
Legit.ng earlier reported that stakeholders in Nigeria’s banking sector have called for stronger adaptation to emerging technology and governance risks.
The experts in the banking sector called for urgent action on emerging technology and governance risks.
Banking stakeholders highlighted cybersecurity as the most pressing risk facing banks. Also, auditors were advised to adopt more strategic and technology-driven roles.
Source: Legit.ng
