The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) on Monday signed a memorandum of understanding to tackle SIM-related fraud and strengthen consumer protection across Nigeria’s digital ecosystem.
The agreement, signed at the CBN’s headquarters in Abuja, intends to increase coordination between the financial and telecoms sectors, with a focus on preventing electronic fraud involving mobile numbers, improving payment system integrity, and protecting consumers.
Speaking at the ceremony, CBN Governor Olayemi Cardoso described the pact as a “practical statement of national interest,” stressing that the growing reliance on digital channels for payments and financial services necessitated greater collaboration between both regulators.
He said, “This MoU is not merely an administrative document; it is a practical statement of national interest,” adding that the agreement would reinforce the stability and integrity of Nigeria’s payment system while supporting innovation and consumer safety.
Cardoso added that the agreement would improve coordination on approvals, technical standards, and innovation trials, including sandbox testing, to guarantee that financial services are stable and scalable.
He also stated that the cooperation will enhance the response to escalating electronic fraud, emphasizing that “addressing these threats requires joined-up action, shared intelligence, clearer escalation paths, stronger operational readiness across regulated entities, and consistent public education.”
The deal includes the launch of the Telecom Identity Risk Management Portal, a data-sharing network meant to detect fraud associated with recycled, exchanged, or blacklisted phone numbers.
According to Cardoso, the platform will allow for real-time verification of mobile number status across banks and fintech firms, adding an extra layer of security for users and the financial system.
He stated that the platform’s use would be guided by stringent compliance with data protection laws, such as encryption and consent mechanisms.
Also speaking, Aminu Maida, executive vice chairman of the NCC, praised the deal as a significant step toward building Nigeria’s digital economy.
He said, “The signing of this Memorandum of Understanding marks an important milestone in the regulatory stewardship of Nigeria’s digital economy,” adding that collaboration between both institutions was “not optional; it is imperative.”
Maida stated that the initiative would give financial institutions better visibility into the status of phone numbers used in transactions, including whether a line had been swapped, recycled, or flagged for fraudulent activity.
“This ensures that our financial services industry is better equipped with timely and relevant information to effectively combat e-fraud, particularly those perpetrated using phone numbers,” he said.
He also mentioned that the agreement would also improve consumer protection, assuring Nigerians that issues such as failed airtime recharges would be resolved more quickly under the new framework.
Earlier, Dr. Rakiya Yusuf, Director of Payment System Supervision at the CBN, stated that the partnership between the two regulators had developed over time from separate supervision duties to a more integrated collaboration aimed at securing Nigeria’s digital and financial systems.
She linked the relationship back to prior efforts to align mobile payment legislation and telecom licensing frameworks, such as the 2018 Memorandum of Understanding, which allowed telecom operators to participate in mobile money services via special purpose companies.
She also mentioned collaborative initiatives such as the resolution of the USSD pricing dispute and the implementation of an N6.98 per session cost, as well as recent efforts to handle unsuccessful transactions via a planned 30-second refund mechanism.
Under the new agreement, two joint committees will be formed to oversee implementation. These include the Joint Committee on Payment Systems and Consumer Protection, as well as the Joint Committee on the Telecommunications Risk Management Platform.
The deal is expected to improve digital financial inclusion, reduce fraud risks, and boost trust in Nigeria’s fast-growing digital economy.
The CBN and the NCC unveiled a joint framework to tackle the growing problem of failed airtime and data transactions, which have left consumers frustrated after payments are processed but service delivery is not provided.
The CBN’s Consumer Protection & Financial Inclusion Department and the telecom regulator collaborated to create the 20-page draft, which is available on the CBN’s website. Banks, mobile operators, payment providers, and other stakeholders also provided feedback.
The regulators want to clarify responsibilities, standardize complaint resolution timetables, and establish a coordinated mechanism for handling concerns in the financial and telecoms industries.
