BY NKECHI NAECHE-ESEZOBOR—The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have entered into a strategic partnership aimed at curbing electronic fraud, enhancing consumer protection, and safeguarding the integrity of Nigeria’s payment system. The collaboration also supports the rollout of the Telecom Identity Risk Management Portal (TIRMP).
Speaking at the signing ceremony in Abuja on Monday, CBN Governor, Olayemi Cardoso, described the agreement as a significant step toward deepening cooperation between the financial and telecommunications sectors—two pillars of the modern digital economy.
He noted that Nigerians increasingly rely on digital platforms for transactions such as savings, payments, trade, and access to credit, all of which depend heavily on secure telecom infrastructure and reliable identity systems.
According to Cardoso, the agreement goes beyond formalities, representing a deliberate national effort to align both sectors for improved efficiency, inclusion, and innovation.
He explained that while both regulators have previously collaborated on initiatives like USSD payment systems and short code management, the evolving complexity of the digital financial landscape requires a more robust and forward-looking framework.
The new Memorandum of Understanding (MoU), he said, is designed to strengthen system stability as Nigeria expands instant payment solutions, QR-based transactions, and open banking frameworks.
Cardoso emphasized that the partnership will also improve coordination on regulatory approvals, technical standards, and innovation testing, including sandbox environments that allow new solutions to be trialed safely.
Addressing the growing threat of cyber fraud, he highlighted the need for joint action, intelligence sharing, and improved response mechanisms. Under the agreement, measures such as stronger authentication processes, enhanced transaction monitoring, and more effective fraud reporting systems will be implemented.
He added that consumer awareness campaigns will also be expanded, particularly targeting small businesses and underserved communities that are often more vulnerable to digital fraud.
A key feature of the collaboration is support for the TIRMP platform, which enables real-time verification of mobile numbers across financial and digital service providers. This, he said, will help reduce fraud linked to SIM swaps, recycled numbers, and blacklisted lines.
Cardoso assured that all data-sharing activities under the platform will adhere strictly to Nigeria’s data protection regulations, with safeguards such as encryption and user consent protocols in place.
To ensure effective implementation, the MoU establishes two joint committees—one focused on payment systems and consumer protection, and the other on TIRMP operations. These bodies will oversee coordination, address operational challenges, and track progress.
He reiterated that the agreement sends a clear message to stakeholders—including banks, fintech firms, and telecom operators—that regulatory cooperation will be consistent, transparent, and focused on public interest, while still encouraging responsible innovation.
Also speaking, NCC Executive Vice Chairman, Dr. Aminu Maida, described the agreement as a major milestone in strengthening regulatory oversight of Nigeria’s digital economy.
He stressed the importance of collaboration in addressing industry challenges and noted that past joint efforts, such as resolving the USSD debt dispute, demonstrated the effectiveness of coordinated action.
Maida said the new framework reinforces both institutions’ shared goal of building a secure, inclusive, and globally competitive digital economy.
He added that the agreement will drive improvements in payment system security, consumer protection, fraud prevention, and the responsible use of digital infrastructure, while also expanding access to safe digital financial services for underserved populations and small businesses.
