Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, and Executive Vice Chairman/Chief Executive, Nigerian Communications Commission (NCC), Aminu Maida, on Monday , formalised a Memorandum of Understanding (MoU) between both institutions to deliver a safer, more resilient, and inclusive digital financial system that supports national productivity, protects consumers, and strengthens trust in the country’s digital economy.
Speaking at the signing ceremony held at the CBN Headquarters in Abuja, Cardoso said given the scale and complexity of today’s digital financial ecosystem, there was a need for a more comprehensive, forward-looking, and enduring framework to address emerging issues.
He emphasised the need to reinforce stability and integrity of the country’s payment system, strengthen collective response to electronic fraud, and improve consumer protection.
He said the ability to verify mobile number status in real time across banks, fintechs, and other digital platforms remained a critical layer of protection for consumers and for the financial system.
The CBN governor stressed that the MoU will ensure that the use of the capability was governed by clear standard operating guidelines and strict compliance with Nigeria’s data protection requirements, including appropriate safeguards, encryption, and consent protocols.
In addition to the formalisation of the agreement, Cardoso also inaugurated the Joint Committee on Payment System and Consumer Protection, and Joint Committee on Telecom Identity Risk Management Portal (TIRMP), a secure, regulatory-backed data-sharing platform designed to help prevent fraud linked to churned, swapped, or blacklisted mobile numbers.
He said the committees will provide structured coordination, resolve operational frictions, recommend improvements, and report progress, “so that this partnership delivers measurable outcomes, not just good intentions.”
He stated that the MoU further sent a clear signal to regulated entities, including financial institutions, payment service providers, mobile network operators, and other stakeholders, that regulatory collaboration will be predictable, coordinated, and anchored on the public interest going forward.
Cardoso said, “We will continue to encourage innovation, but we will also insist on responsibility: robust infrastructure capacity, strong controls, responsive complaint handling, and full compliance with applicable laws and regulatory directives.”
He added, “First, we are reinforcing the stability and integrity of Nigeria’s payment system. As we deepen instant payments, expand QR-based payments, and advance open banking and API interoperability, it is essential that infrastructure across both sectors is aligned so that transactions are reliable, services scale smoothly, and consumers enjoy safe and seamless experiences.
“Through this MoU, we will strengthen coordination on approvals, technical standards, and innovation trials, including sandbox testing that supports market-led solutions while safeguarding stability.”
Cardoso stated, “Second, we are strengthening our collective response to electronic fraud and improving consumer protection. The rise in digital adoption has also attracted increasingly sophisticated fraud schemes.
“Addressing these threats requires joined-up action—shared intelligence, clearer escalation paths, stronger operational readiness across regulated entities, and consistent public education.”
The CBN governor stated, “Across Nigeria, our citizens and businesses increasingly depend on digital channels to save, pay, trade, access credit, and build livelihoods. Those channels, in turn, depend on resilient telecommunications networks, trusted identity systems, and secure data flows.
“Put simply: when the communications sector is strong, the financial system is more inclusive and more efficient; and when the financial system is sound, investment and innovation in the digital economy can thrive.
“That is why this MoU is not merely an administrative document—it is a practical statement of national interest.”
The apex bank boss further explained that the agreement will support measures, such as strengthened authentication for higher-risk transactions, effective transaction monitoring, functional fraud reporting channels, and a harmonised consumer sensitisation programme, particularly for underserved segments and MSMEs who are often most exposed to these risks.
In his remarks, Maida said the MoU provided a structured framework for cooperation in critical areas, including payment system integrity, fraud mitigation, digital inclusion, and the protection of consumers, micro, small and medium-sized enterprises, which will translate into practical outcomes that strengthen trust, deepen inclusion, and support a secure and resilient digital economy.
He described the signing as an important milestone in regulatory stewardship of Nigeria’s digital economy, saying it reflects a shared commitment to collaboration in strengthening financial system stability, advancing digital inclusion, and protecting consumers in an increasingly interconnected ecosystem.
Maida He highlighted protection of Nigerian consumers as the principal goal of the MoU, saying both NCC and CBN have consistently pursued it.
“With this handshake, consumers who experience issues, such as airtime recharges that do not deliver value can be assured of prompt resolution within the shortest possible time,” he said.
The NCC boss stressed, “The commission places significant importance on collaboration. Indeed, many of the critical milestones we have achieved in addressing some of our industry’s challenges—and even in leapfrogging our sector—have been made possible through strategic partnerships and sustained collaboration. Our collaboration with the central bank is not new.
“Over the years, our two institutions have demonstrated the value of close regulatory coordination. A notable and recent example is our collective effort in resolving the long-standing USSD debt impasse—an intervention that restored confidence, preserved service continuity, and safeguarded the interests of consumers, telecom operators, and financial institutions alike. That experience reaffirmed a simple truth: that complex, cross-sector challenges are best addressed through structured collaboration.”
Maida said the MoU provided a clear framework for collaboration in critical areas, like “payment system integrity, consumer protection, fraud mitigation, and the responsible use of digital infrastructure.”
He said, “In particular, it supports initiatives that promote secure digital payments, enhance trust in mobile-enabled financial services, and extend safe access to underserved populations and MSMEs.”
He explained, “For the NCC, this MoU speaks directly to one of the critical pillars of our strategic focus: leveraging cross-sectoral innovation to deliver a safe, resilient, inclusive and trusted digital ecosystem. As mobile numbers increasingly underpin identity, authentication, and financial access, collaboration with the CBN is essential to ensuring that innovation is matched with strong governance, system stability, and consumer safeguards.”
Maida stated that the collaboration was designed, “For the prevention of electronic fraud, which has become increasingly pervasive, with significant implications for the integrity of our digital economy.
“Through the Telecom Identity Risk Management System (TIRMS) Portal—which aggregates data on churned (recycled) phone numbers, as well as numbers flagged within your sector—the Financial Services Industry will now have enhanced visibility into the status of phone numbers, one of the most widely utilised resources in your sector, although regulated by the NCC.
“This means that the Financial Institutions will be able to determine when a line is active, when it has been swapped, when it has been disconnected due to inactivity and reassigned to a new subscriber, and when it has been flagged for suspicious or 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, in the country.”
He stated, “The establishment of a platform for sustained engagement, coordinated policy responses, and joint action, as new risks and opportunities emerge across the digital and financial landscape, by this MoU, positions our two institutions to remain proactive, aligned, and effective in fulfilling our respective mandates.”
In her opening comments, CBN Director, Payments System Supervision Department, Dr. Yusuf Rakiya Opeyemi, stated that partnership between CBN and NCC had evolved from separate regulatory oversights into a deeply integrated collaboration aimed at securing Nigeria’s digital and financial future.
James Emejo
