By Chioma Obinagwam
The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have signed a Memorandum of Understanding (MOU) designed to strengthen consumer safeguards and fight fraud across the telecommunications and financial sectors.
Confiance News reports, citing an NCC public notice signed by Nnenna Ukoha, Head of the Public Affairs Department.
The pact was sealed and announced on April 20, 2026, during the inauguration of two new joint committees. The first focuses on payment systems and consumer protection. The second oversees the Telecoms Identity Risk Management System, known as the TIRMS Portal.
In an official public notice, the NCC said the agreement creates a clear framework for cooperation. It targets payment system integrity, fraud prevention, digital inclusion, and broader consumer protection. Officials from both institutions described the move as a milestone that will translate into practical benefits for Nigerians.
Dr. Aminu Maida, Executive Vice Chairman and Chief Executive Officer of the NCC, welcomed the development. He stated that the MoU offers a structured platform for joint work on critical issues. These include safeguarding consumers, supporting micro, small, and medium-sized enterprises, and building a more secure digital economy. Maida noted that collaboration between the NCC and CBN is not new. He pointed to their successful joint resolution of the long-standing USSD debt impasse, which restored public confidence and protected the interests of telecom operators, financial institutions, and consumers alike.
He added that the new committees will help prevent electronic fraud, which has grown more pervasive with the rise of digital payments and mobile-based financial services. The TIRMS Portal, in particular, will give financial institutions better visibility into the status of phone numbers. This includes details on whether a line is active, has been reassigned, or has been flagged for suspicious activity.
CBN Governor Mr. Olayemi Cardoso also addressed the signing. He said the MoU will improve coordination on regulatory approvals, technical standards, and innovation trials, including sandbox testing for new market solutions. Cardoso stressed that the Central Bank remains committed to working closely with the NCC. The goal, he explained, is to deliver a safer, more resilient, and inclusive digital financial system that supports national productivity while protecting consumers and deepening trust.
Cardoso formally inaugurated both committees. He described their work as essential to placing consumer protection at the forefront of efforts against fraud in the interconnected digital and financial landscapes.
This partnership, Confiance News gathered, arrives at a time when digital transactions and mobile money services are expanding rapidly in Nigeria. Regulators hope the MoU and the new committees will reduce risks for everyday users, promote responsible use of digital infrastructure, and foster greater confidence in both telecom and banking services.
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