NCC, CBN sign MoU to boost consumer protection, combat fraud in telecoms, finance sectors

The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have signed a Memorandum of Understanding (MoU) to strengthen consumer protection and tackle fraud across Nigeria’s telecommunications and financial sectors.

The agreement also marked the inauguration of two joint committees: the Joint Committee on Payment Systems and Consumer Protection, and the Joint Committee on Telecoms Identity Risk Management System (TIRMS) Portal, aimed at enhancing coordination between both regulators.

According to a statement by NCC’s Head of Public Affairs, Nnenna Ukoha, the Commission’s Executive Vice Chairman/CEO, Aminu Maida, described the MoU as a framework for cooperation on payment system integrity, fraud mitigation, digital inclusion, and the protection of consumers and micro, small, and medium enterprises (MSMEs).

Maida called the agreement a milestone for Nigeria’s digital economy, reflecting a shared commitment to financial system stability, inclusion, and consumer safety in an increasingly interconnected environment.

He noted that past collaboration between the NCC and CBN had yielded results, including the resolution of the long-standing USSD debt dispute, which restored confidence and service continuity.

The new MoU builds on that experience by providing a structured approach to cross-sector challenges, particularly secure digital payments and extending financial services to underserved populations.

Maida also highlighted the TIRMS Portal, which will provide financial institutions with critical data on phone number status, including line activity, SIM swaps, disconnections, and numbers flagged for suspicious or fraudulent activities. He explained that this system would significantly enhance the ability to detect and prevent electronic fraud, especially schemes involving mobile numbers.

The agreement will also enable faster resolution of consumer complaints, such as failed airtime recharges, through improved coordination and joint policy responses.

CBN Governor Olayemi Cardoso stated that the MoU would strengthen regulatory coordination in approvals, technical standards, and innovation, including sandbox testing to support market-driven solutions while maintaining financial stability.

Cardoso reaffirmed the CBN’s commitment to building a safer, more resilient, and inclusive digital financial system that promotes consumer trust and national productivity. He then inaugurated the two joint committees, noting that their work would prioritise protecting consumers in both sectors from fraud.

About The Author

Dele Fashomi

Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93.

Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism.

He had done many courses in communication, including the EU-BBC Editing Course in 2002.

Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013).

He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers.

He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 – 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 – 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor.

Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled:  Olabiyi Durojaiye – DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography – AGAINST ALL ODDS. There are many other books in the works under his pen.

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