The Central Bank of Nigeria and the Nigerian Communications Commission 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 headquarters in Abuja, aims to improve coordination between the financial and telecommunications sectors, focusing on combating electronic fraud linked to mobile numbers, enhancing payment system integrity, and protecting consumers.
Speaking at the event, the CBN Governor, Olayemi Cardoso, said the pact was a “practical statement of national interest,” noting that the increasing reliance on digital channels for payments and financial services required stronger 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 explained that the deal would strengthen coordination on approvals, technical standards, and innovation trials, including sandbox testing, to ensure that financial services remain reliable and scalable.
He noted that the partnership would also improve the response to rising electronic fraud, stressing that “addressing these threats requires joined-up action—shared intelligence, clearer escalation paths, stronger operational readiness across regulated entities, and consistent public education.”
A key component of the agreement is the rollout of the Telecom Identity Risk Management Portal, a data-sharing platform designed to detect fraud linked to recycled, swapped, or blacklisted phone numbers.
According to Cardoso, the platform would enable real-time verification of mobile number status across banks and fintech firms, providing an additional layer of protection for consumers and the financial system.
He said strict compliance with data protection laws, including encryption and consent protocols, would guide the use of the platform.
Also speaking, the Executive Vice Chairman of the NCC, Aminu Maida, described the agreement as a major step in strengthening 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 noted 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 perpetuated using phone numbers,” he said.
He added 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, the Director of Payment System Supervision at the CBN, Dr Rakiya Yusuf, said the partnership between both regulators had evolved over the years from separate oversight roles into a more integrated collaboration focused on securing Nigeria’s digital and financial systems.
She traced the relationship back to earlier efforts to align mobile payment regulations and telecom licensing frameworks, including the 2018 MoU that enabled telecom operators to participate in mobile money services through special purpose vehicles.
She also highlighted joint interventions such as the resolution of the USSD pricing dispute and the introduction of a N6.98 per session fee, as well as recent efforts to address failed transactions through a proposed 30-second refund framework.
Under the new agreement, two joint committees will be established to drive implementation.
These include the Joint Committee on Payment Systems and Consumer Protection and the Joint Committee on the telecom risk management platform.
The agreement is expected to deepen digital financial inclusion, reduce fraud risks, and strengthen trust in Nigeria’s rapidly expanding digital economy.
