The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have signed a Memorandum of Understanding (MoU) aimed at strengthening consumer protection, combating fraud, and enhancing collaboration across the telecommunications and financial services sectors.
The agreement was disclosed in a statement issued on Monday by the NCC’s Head of Public Affairs, Nnenna Ukoha. It was formalised alongside 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.
Executive Vice Chairman of the NCC, Aminu Maida, said the partnership establishes a structured framework for cooperation in areas including payment system integrity, fraud mitigation, digital inclusion, and protection of consumers and small businesses.
He described the MoU as a milestone in regulatory oversight, noting that it reflects a shared commitment to financial stability and a secure digital economy.
Maida cited the recent resolution of the long-standing USSD debt dispute between telecom operators and banks as an example of the benefits of coordinated regulation, adding that the intervention helped restore confidence and maintain service continuity.
Governor of the CBN, Olayemi Cardoso, said the agreement would enhance coordination on approvals, technical standards, innovation trials, and sandbox testing, while supporting market-driven solutions.
A key outcome of the partnership is the rollout of the TIRMS Portal, which will provide financial institutions with access to telecom-related risk data, including information on recycled or flagged phone numbers.
The development follows earlier proposals by both regulators for joint audits of banks and telecom operators to address persistent issues such as failed airtime and data transactions, where customers are debited without receiving services.
