Sign MoU on consumer protection, fraud control
By Juliet Umeh
In a decisive move to curb rising electronic fraud and strengthen consumer protection, the Nigerian Communications Commission, NCC, and the Central Bank of Nigeria, CBN, have launched a portal that enables financial institutions to track fraudulent and suspicious phone lines across the country.
The initiative, unveiled alongside the signing of a Memorandum of Understanding, MoU, between both regulators, is expected to enhance transparency, boost confidence in digital transactions, and deepen collaboration between the telecommunications and financial services sectors.
Speaking at the MoU signing event, Executive Vice Chairman of NCC, Dr. Aminu Maida, said the agreement provides a structured framework for cooperation in critical areas, including payment system integrity, fraud mitigation, digital inclusion, and consumer protection.
He described the development as a major milestone in regulatory coordination, noting that the increasing use of mobile numbers as tools for identity and financial access makes stronger collaboration between both sectors imperative.
According to him, the Telecoms Identity Risk Management System, TIRMS, portal will provide financial institutions with real-time visibility into the status of phone numbers used for transactions.
“The portal aggregates data on churned or recycled lines and numbers flagged for suspicious activities. This means banks and other financial institutions can determine whether a line is active, swapped, disconnected, or reassigned to another subscriber,” he said.
He added that the enhanced visibility would significantly strengthen efforts to combat fraud, particularly schemes driven through mobile channels.
Maida also highlighted the consumer protection benefits of the partnership, stating that issues such as failed airtime recharges and transaction disputes would now receive faster resolution through coordinated regulatory action.
He emphasized that the collaboration builds on past successes between both institutions, including the resolution of the USSD debt impasse, which restored confidence and ensured service continuity across the sectors.
On his part, Governor of CBN, Mr. Olayemi Cardoso, said the MoU would strengthen coordination on regulatory approvals, technical standards, and innovation initiatives, including sandbox testing.
He noted that the partnership aligns with the apex bank’s commitment to promoting a secure, resilient, and inclusive financial system.
Cardoso added that the inauguration of two joint committees—on Payment Systems and Consumer Protection, and on the TIRMS portal—would ensure sustained engagement and proactive responses to emerging risks.
He stressed that the collaboration places consumer safety at the forefront, while also supporting innovation and national productivity.
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