When Kashifu Inuwa Abdullahi spoke to senior directors of the Central Bank of Nigeria in Lagos, his message was not simply about banks adopting more technology. It was about recognising that the financial system has already become a technology system, whether regulators are prepared for that reality or not.

Inuwa, the Director General of the National Information Technology Development Agency, was speaking at the CBN Committee of Departmental Directors’ retreat on digital transformation, supervision, innovation and operational resilience. His warning was straightforward. Nigeria can no longer think about financial stability without thinking about digital stability.

That argument deserves attention because the transformation of Nigerian banking is no longer confined to the distinction between traditional banks and fintechs. The business models may differ, the licences may differ, and the customer experiences may differ, but both increasingly depend on the same underlying reality. Banking now runs on software, networks, data, cloud infrastructure, payment systems, cybersecurity and a growing web of technology providers.

The traditional bank has not disappeared. Its branches, employees and balance sheets still matter. What has changed is the infrastructure through which those institutions operate. A customer may interact with a conventional bank through a mobile application, while a fintech may provide an entirely digital experience, but both depend on technology to authenticate customers, process transactions, move information, detect fraud and keep services available. That creates a different kind of risk.

A bank can have sufficient capital and comply with financial regulations and still be unable to serve customers if a critical technology provider fails. A disruption to connectivity, cloud infrastructure, payment processing, data systems or another essential service can quickly move from being an IT problem to becoming a financial problem.

This is why the emphasis on third-party and fourth-party risks is important. Financial institutions increasingly depend on companies that may sit outside the traditional boundaries of financial supervision. A bank may rely on a technology provider, which may itself depend on another infrastructure provider. The further this chain extends, the harder it becomes to understand where a critical vulnerability actually sits.

The problem is not that banks use external technology. That is a normal feature of modern digital economies. The problem is failing to understand which external dependencies could become systemic if they break.

This becomes even more significant as artificial intelligence changes the threat landscape. AI can strengthen fraud detection, cybersecurity and risk monitoring, but the same technology can also make attacks more sophisticated, automated and difficult to detect. Financial institutions therefore have to protect not only their conventional systems but also the AI systems increasingly being introduced into their operations.

For regulators, this changes the question they need to answer.

It is no longer enough to ask whether a particular bank is financially sound or whether it has complied with a particular requirement. Regulators increasingly need to understand the technological ecosystem surrounding that institution. Where is critical data stored? Which providers handle it? What happens if a major service becomes unavailable? How quickly can an institution recover? Are several financial institutions exposed to the same technology provider? These questions require a different form of supervision.

This is where digital transformation becomes more important than simply digitising regulation.
Putting regulatory processes online is digitalisation. Building the ability to continuously monitor a complex financial ecosystem, identify unusual activity, understand infrastructure dependencies and anticipate emerging threats is something much bigger. It is a question of regulatory intelligence.

The CBN’s move to require banks and payment providers to store and manage payment transaction data generated in Nigeria within the country by January 1, 2027, is one example of how this broader shift is already taking shape. The requirement applies across significant parts of the payments ecosystem and places data location directly within the conversation about financial infrastructure and regulatory oversight.

Data localisation should therefore not be viewed simply as a compliance exercise or a requirement to move databases from foreign servers to Nigerian facilities. It raises a much larger question about whether Nigeria has sufficient control over the infrastructure supporting its financial system.

Keeping data within Nigeria will strengthen regulatory access and reduce dependence on external jurisdictions. But data residency alone does not create resilience. Nigeria also needs reliable data centres, dependable power, strong connectivity, cybersecurity capacity, disaster recovery systems, and skilled professionals capable of operating and securing critical infrastructure.

Otherwise, localisation could simply move the point of vulnerability without eliminating it.
This is where digital sovereignty becomes more than a policy phrase. For a country whose economy increasingly depends on digital payments, sovereignty means having meaningful control over the infrastructure, data, skills and systems that keep essential services running.

It does not necessarily mean building every technology domestically or withdrawing from global technology providers. It means knowing which dependencies are strategically important and ensuring that Nigeria has the capacity, alternatives and expertise required when those dependencies fail.

The financial sector should consequently begin thinking about technology resilience in the same way it thinks about financial resilience.

The next stage of Nigeria’s financial regulation therefore has to move beyond the boundaries of individual institutions. Regulators need visibility across banks, fintechs, payment companies, telecommunications infrastructure, cloud services and other critical technology providers. They need stronger real-time monitoring, better ecosystem mapping and the technical expertise to understand risks before those risks become disruptions.

Nigeria has spent years moving banking away from physical branches and towards digital platforms. The next challenge is harder. It is ensuring that the technology beneath those platforms is resilient enough to carry an economy that increasingly depends on them.

The lesson from Inuwa’s intervention is ultimately not that Nigerian banks need more technology. They already have it.

The real question is whether Nigeria understands the technology its financial system now depends on well enough to protect it.

Because when banking becomes technology, a technology failure is no longer just a technology failure, it becomes a financial crisis.

Shuaib S. Agaka is a tech journalist and digital policy analyst based in Kano.

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The Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullahi, CCIE, has warned that Nigeria can no longer guarantee financial stability through traditional regulatory approaches, stressing the need for real-time supervision, digital sovereignty and stronger operational resilience.

Inuwa made the call while speaking on “Digital Transformation, Supervision, Innovation and Operational Resilience” at the 15th Retreat of the Central Bank of Nigeria (CBN) Committee of Departmental Directors in Lagos.

The retreat, themed “From Reform to Institutionalisation: Strengthening the CBN Capacity to Deliver Sustainable Financial System Stability,” brought together senior directors of the apex bank to examine emerging challenges and strategies for strengthening Nigeria’s financial system.

Inuwa said the transformation of banking from physical branches to internet and mobile banking, fintech ecosystems and embedded financial services had created a complex digital ecosystem that traditional supervisory models could no longer adequately address.

He stated that financial regulators must move beyond monitoring individual institutions and develop the capacity to oversee the wider ecosystem of telecommunications infrastructure, cloud platforms, fintech companies, digital marketplaces, data systems and emerging technologies that support modern financial services.

“To achieve financial stability, we need digital stability. Without digital stability, today we cannot be talking about financial stability in the financial sector,” he said.

The NITDA chief urged regulators to develop real-time visibility across the financial ecosystem instead of relying predominantly on periodic returns submitted by regulated institutions.

“We need to be ahead of the institutions we regulate. We cannot wait for regulated institutions to submit returns before we analyse and understand what is happening. We need end-to-end visibility of the ecosystem,” Inuwa stated.

He also drew a distinction between digitalisation and digital transformation, explaining that while digitalisation improves existing processes through technology, digital transformation involves creating new value propositions, business models and operating structures.

According to him, financial institutions and regulators must embrace ecosystem-driven innovation and rethink how they operate in response to rapidly changing digital realities.

On operational resilience, Inuwa said financial institutions must look beyond conventional cybersecurity frameworks to address third-party and fourth-party risks, cloud governance, data protection, artificial intelligence oversight and the sustainability of digital infrastructure.

He identified the growing dependence on external technology providers as a major emerging risk, warning that disruptions affecting cloud services, connectivity infrastructure and digital platforms could produce consequences across the entire financial ecosystem.

The NITDA DG also raised concerns over emerging cyber threats powered by artificial intelligence, noting that while AI can be deployed to strengthen cyber defence, AI systems themselves must be protected against manipulation and sophisticated attacks.

He stressed the importance of developing local digital talent and institutional capabilities to strengthen technology-driven supervision and Nigeria’s long-term financial resilience.

Kashifu further linked financial stability to digital sovereignty, arguing that Nigeria must retain meaningful control over the critical digital infrastructure supporting strategic sectors of the economy.

“Financial stability now depends on resilient technology and Nigeria’s capacity for digital self-determination. If we do not build, control and maintain sovereignty over critical digital infrastructure, how can we guarantee the stability and integrity of our financial system?” he asked.

He said the future of regulation would require a system-wide approach that enables regulators to understand and respond to risks across technologies, platforms, infrastructure and stakeholders.

“The future of supervision is not merely to digitise regulation, but to digitally transform how regulators sense, understand and respond to risks across the ecosystem,” Inuwa stated.

He said such an approach would help build a resilient, secure and sustainable financial system capable of supporting Nigeria’s digital economy ambitions.

Speaking virtually in his keynote address, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, assured staff that the apex bank was in a strong position following ongoing reforms.

Cardoso said the Bank’s transformation agenda was aimed at strengthening the institution while protecting the interests and career progression of its professional workforce.

“The Bank is in a good place,” the Governor said, urging employees to remain confident in the future.

He explained that the success of reforms would ultimately be measured by their ability to become embedded in the institution’s culture, systems and processes beyond the tenure of the officials who initiated them.

Cardoso noted that the CBN had recorded progress in several strategic areas, including the completion of a bank-wide culture survey that provided staff with an opportunity to contribute to shaping the institution’s future.

He described organisational culture as the foundation of sustainable reform and pledged that staff feedback would continue to inform meaningful institutional action.

The Governor also commended CBN employees following the Bank’s recent international recognition, saying the achievement reflected the dedication, professionalism and commitment of staff across departments and locations.

He urged directors to empower their teams, encourage constructive engagement and strengthen collaboration across departments.

“Reform and institutionalisation are not a threat to the career officer; they are the protection of the career officer,” Cardoso stated.

The Chairman of the CBN Committee of Departmental Directors, Jimoh Musa Itoba, charged directors to take greater responsibility for driving financial stability and supporting Nigeria’s economic growth.

Describing directors as the Bank’s “major anchors,” Itoba said they were custodians of its processes, culture and institutional memory.

He said the retreat offered an opportunity for participants to critically assess the CBN’s contribution to national economic development and Nigeria’s aspiration of becoming a one-trillion-dollar economy.

“The directors are the major anchors of the Bank,” he said, stressing that their actions, leadership and decisions significantly influence institutional culture and public confidence.

Itoba urged participants to challenge existing narratives and focus on practical solutions that management could implement to strengthen financial system stability and public trust.

He called for greater commitment, engagement and collaboration among directors and other officials of the Bank.

Earlier, the Secretary of the Committee of Departmental Directors, Rashida Monguno, urged CBN directors to embrace innovation, strategic thinking and stronger collaboration as the institution responds to emerging challenges.

Monguno said the rapidly changing operating environment required continuous performance assessment and bold approaches to improving the Bank’s effectiveness, efficiency and service delivery.

She described the retreat’s theme as timely, noting that the CBN must continually assess its progress, identify institutional gaps and develop innovative solutions to emerging challenges.

She encouraged participants to leverage their collective expertise and experience to generate fresh ideas, share best practices and develop a clear path for the Bank’s future.

“The success of our initiatives will depend on our willingness to collaborate, think strategically and remain focused on achieving measurable outcomes,” she said.

Monguno expressed confidence that the retreat would produce recommendations capable of strengthening institutional performance and improving coordination across departments.

She also urged participants to approach the engagement with teamwork, commitment to excellence and dedication to national development, stressing that a stronger and more responsive CBN would depend on collective responsibility and institutional collaboration.

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The National Information Technology Development Agency (NITDA) has officially commenced the implementation of the National Sovereign Cloud Initiative (NSCI), unveiling a comprehensive regulatory framework aimed at strengthening Nigeria’s digital sovereignty, attracting cloud infrastructure investments and positioning the country as Africa’s preferred hub for trusted digital infrastructure.

The milestone was marked by the formal signing of three key regulatory instruments by NITDA Director-General, Kashifu Inuwa Abdullahi, alongside the presentation of the National Cloud Investment Strategy during a ceremony attended by senior government officials, regulators, industry leaders, development partners and technology stakeholders.

The regulatory instruments signed include the National Cloud Computing Guideline, the National Cloud Technical Guideline, and the National Digital Infrastructure Assurance Framework (NDIAF), all designed to provide regulatory certainty, technical standards and assurance mechanisms for the country’s cloud ecosystem.

NITDA also unveiled the National Cloud Investment Strategy, which outlines Nigeria’s roadmap for attracting sustainable investments in cloud infrastructure, data centres, sovereign computing, artificial intelligence infrastructure and other critical digital assets.

Speaking at the event, Kashifu described cloud infrastructure as a strategic national asset that supports digital government, financial services, artificial intelligence, digital trade, innovation and economic resilience.

“Today’s signing marks our transition from policy development to implementation. These instruments provide the regulatory certainty, technical standards, and assurance framework required to build a trusted cloud ecosystem that safeguards Nigeria’s digital sovereignty while creating new opportunities for investment, innovation and sustainable economic growth,” he said.

According to the NITDA boss, the signing concludes the policy development phase of the National Sovereign Cloud Initiative and ushers in a phased implementation programme to be executed in collaboration with government institutions, sector regulators, academia, industry, development partners and the private sector.

He noted that the initiative builds upon the Federal Government’s Cloud First Policy and is the outcome of years of extensive consultations involving government agencies, indigenous cloud providers, global hyperscale cloud companies, data centre operators and development partners.

As part of the implementation roadmap, Kashifu disclosed that NITDA will constitute the Sovereign Cloud Governance Committee (SovGov) within two weeks to provide strategic oversight for the initiative. The committee will comprise representatives from relevant government institutions, regulators and the private sector, while NITDA will serve as its secretariat.

NITDA Boss also announced plans to operationalise a national digital regulatory platform before October 2026. The platform will function as a central portal for cloud service provider registration, onboarding, technical assessment, certification, publication of certified providers, certification verification and other regulatory services.

Following the launch of the platform, NITDA will commence the registration, technical assessment and certification of Cloud Service Providers, Data Centre Operators, Managed Service Providers, AI Infrastructure Providers, Sovereign Compute Providers and other eligible digital infrastructure operators under the National Digital Infrastructure Assurance Framework.

The certification programme, expected to begin in October, will facilitate compliance with cloud localisation requirements and operational resilience standards, including those introduced by the Central Bank of Nigeria (CBN), while providing government institutions and regulated sectors with a trusted register of certified providers.

Representing the Governor of the Central Bank of Nigeria, Olayemi Cardoso, Director of the Payment System Supervision Department, Dr. Rakiya Opemi Yusuf, described the initiative as a defining moment in Nigeria’s digital transformation and financial system resilience.

She said financial stability has evolved beyond traditional banking metrics to include the reliability of digital infrastructure such as cloud platforms, data centres, cybersecurity architecture and identity systems.

“Financial stability now depends equally on digital stability. Every mobile payment, POS transaction, ATM withdrawal, electronic transfer and fintech service ultimately depends on the reliability of digital infrastructure,” she said.

Yusuf explained that the CBN’s Data Localisation Circular issued on June 25, 2026 was designed to strengthen the resilience of Nigeria’s financial system by ensuring that financial data remains protected under Nigerian jurisdiction rather than creating barriers to innovation.

She added that NITDA’s assurance framework complements the CBN’s prudential regulations by providing standards through which digital infrastructure providers can demonstrate resilience, operational readiness and security.

The CBN representative also announced that the apex bank is finalising a comprehensive implementation guideline on payment transaction data localisation to provide greater clarity on compliance expectations for financial institutions.

Meanwhile, Permanent Secretary of the Federal Ministry of Communications, Innovation and Digital Economy, Engr. Nadungu Gagare, described the initiative as a critical milestone in Nigeria’s pursuit of digital independence, data governance and national security.

According to him, data has become one of the most strategic national assets in the digital age, making sovereign control over government and critical information essential for economic stability and public trust.

He said the initiative would strengthen Nigeria’s digital government infrastructure while stimulating local cloud capacity, encouraging domestic technology investments, creating high-skilled jobs and empowering indigenous innovators.

Gagare commended NITDA Director-General Kashifu Inuwa Abdullahi and the agency’s technical team for providing visionary leadership in advancing the country’s digital transformation agenda.

He reaffirmed the Federal Ministry’s commitment to supporting seamless implementation of the initiative across ministries, departments and agencies.

The National Sovereign Cloud Initiative is the Federal Government’s strategic programme coordinated by NITDA to strengthen Nigeria’s digital sovereignty and accelerate the adoption of trusted cloud infrastructure.

The initiative provides a unified national framework for cloud governance, technical standards, digital infrastructure assurance and investment promotion through the National Cloud Computing Guideline, National Cloud Technical Guideline, National Digital Infrastructure Assurance Framework and the National Cloud Investment Strategy.

Officials said the programme is expected to reinforce Nigeria’s commitment to building a secure, resilient and investment-friendly digital ecosystem while positioning the country as Africa’s leading destination for cloud services, data centres, artificial intelligence infrastructure and trusted digital infrastructure under the African Continental Free Trade Area (AfCFTA).

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ALTON Chairman, Gbenga Adebayo, made the remarks in an interview with the News Agency of Nigeria in Lagos on Saturday.

Under the directive, banks, fintechs and other payment service providers are required to store payment transaction data generated in Nigeria on local servers from January 1, 2027. The policy forms part of broader efforts by the Central Bank of Nigeria to strengthen oversight of the country’s rapidly expanding digital payments ecosystem.

Adebayo said local data hosting would allow financial institutions to pay for data infrastructure services in naira rather than foreign currencies, reducing their vulnerability to exchange rate fluctuations.

“Organisations hosting data locally would pay in local currency rather than foreign exchange. This would help reduce exposure to exchange rate pressures and lower long-term operating costs,” he said.

He added that the benefits of local hosting extend beyond cost savings, describing it as an important component of national data sovereignty.

According to him, countries should take responsibility for the collection, management, storage and protection of their data rather than relying on foreign jurisdictions.

“We cannot continue to outsource that to other jurisdictions. The more we host our data locally, the better for us,” Adebayo said.

He also noted that storing data abroad can create operational inefficiencies, as transactions must be routed through foreign servers before returning to Nigeria.

“For every transaction involving data hosted outside our shores, communication has to take place from your location to the host and back. It increases latency and also increases the cost of data retrieval,” he said.

On cybersecurity, Adebayo argued that local control of data provides stronger protection than relying on external service providers.

“No one can protect your house better than yourself. You have more at stake in terms of security and safety than somebody else hosting your data,” he said.

Addressing concerns about Nigeria’s readiness for the transition, Adebayo said the country already possesses sufficient data centre capacity to support the directive.

He pointed to the presence of several Tier III data centres in Nigeria, noting that some already host data for international clients.

“I’m happy to say that we have a lot of data centres owned and managed by Nigerians that are hosting data from other jurisdictions. If people overseas can host their data here, why can’t we host our own data here?” he said.

According to him, capacity rather than the number of facilities is the key consideration, adding that Nigeria’s existing infrastructure is capable of supporting local data hosting requirements.

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The shortlisted entries—“Reclaiming Public Trust in Nigeria’s Central Banking” for the Central Bank of Nigeria (CBN) and “AI for Crisis Communication: From Study to Strategy” for the National Information Technology Development Agency (NITDA) and the Centre for Crisis Communication (CCC)—have advanced to the final round of the global competition, where they will be evaluated by an international jury of communication experts.

The nominations fall under the Corporate Communication, AI for Crisis Management, and Publication categories.

The IPRA Golden World Awards are widely regarded as one of the most respected honours in global public relations, celebrating campaigns that demonstrate innovation, measurable impact, creativity, and adherence to the highest professional standards.

The CBN entry spotlights a strategic communication programme designed to rebuild public confidence in Nigeria’s apex bank following sweeping monetary and foreign exchange reforms introduced under Governor Olayemi Cardoso.

According to the submission, the campaign repositioned the CBN as a transparent, reform driven institution through structured Monetary Policy Committee (MPC) briefings, stakeholder engagements, investor relations, media management, and international advocacy.

The initiative, implemented under the Corporate Communication Department after Governor Cardoso appointed Hakama Sidi Ali as the first female spokesperson in the history of the CBN, sought to close communication gaps around difficult monetary policy decisions while strengthening domestic and international confidence in Nigeria’s economic reform agenda.

The documentation cited improvements in investor sentiment, rising foreign reserves, exchange rate stability, inflation moderation, and Nigeria’s successful return to the Eurobond market as outcomes supported by a coherent communication strategy.

The second finalist entry focuses on the establishment of the Crisis Communication Hub (CCHub)—a national platform that emerged from a 107 page empirical research project on Artificial Intelligence and crisis communication conducted by IMPR CEO, Yushau A. Shuaib, with support from NITDA.

The research examined the risks and opportunities of AI driven communication technologies and recommended a coordinated national framework to combat misinformation, disinformation, and digital threats.

Its findings led the Centre for Crisis Communication to convene the First National Symposium on Digital Innovations in Crisis Communication, which formally endorsed the creation of the CCHub. The Hub now functions as a multi stakeholder mechanism for monitoring fake news, tracking harmful narratives, supporting fact checking, and promoting coordinated crisis response efforts across Nigeria.

All shortlisted entries will undergo a final round of assessment by a distinguished international jury before winners are announced at the 2026 Golden World Awards Ceremony and Gala Dinner in Athens, Greece later in the year.

This recognition further elevates Nigeria’s profile in global public relations practice. IMPR previously won the IPRA Golden World Award in 2025 for a publication project executed for the Nigeria Customs Service, alongside other international honours including the SABRE Africa Awards.

The emergence of the Nigerian entries among global finalists underscores the growing importance of strategic communication in economic reforms, crisis management, digital governance, and institutional reputation building.

The final jury’s decision will determine whether the CBN trust restoration campaign and the AI driven Crisis Communication Hub initiative join the ranks of internationally acclaimed public relations projects recognised by IPRA for advancing excellence and innovation in communication practice worldwide.

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The adjustment follows concerns from operators and merchants that the original limit was too restrictive for Nigeria’s growing agent banking network.

Under the revised framework, operators including Moniepoint, OPay and PalmPay must continue geo-tagging PoS terminals with accurate coordinates, but terminals can now operate within a wider approved radius.

The CBN said the measure is aimed at strengthening oversight and curbing fraud while allowing more flexibility for merchants and payment companies.

Nigeria’s PoS ecosystem has expanded rapidly in recent years, becoming a major channel for cash withdrawals and digital payments nationwide, though regulators have raised concerns over fraud, identity masking and terminal misuse.

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Millions of bank customers across Nigeria can now enjoy relief from some everyday banking charges following the implementation of the revised banking charges framework by the Central Bank of Nigeria (CBN).

The updated guide, aimed at promoting financial inclusion, protecting consumers, and encouraging the adoption of digital banking channels, has removed charges on several common banking services that customers previously paid for.

With the increasing reliance on mobile banking apps, internet banking, USSD services, and virtual cards, the new policy is expected to reduce the cost burden on individuals and small business owners who carry out regular digital transactions.

Below are five online banking transactions that are now free for customers in Nigeria:

1. Transfers Below ₦5,000

Under the revised policy, customers making interbank electronic transfers between ₦0 and ₦5,000 will no longer pay transfer charges.

This means Nigerians can now send small amounts to family, friends, artisans, traders, or transport operators without worrying about deductions from transaction fees.

The development is particularly beneficial to low-income earners and small-scale entrepreneurs who depend heavily on micro-transactions for daily business activities.

Financial analysts say the move could further encourage cashless transactions and increase digital payment adoption across the country.

2. ATM Withdrawals from Your Bank’s ATM

Customers withdrawing cash from their own bank’s Automated Teller Machines (ATMs), also known as “on-us” ATM transactions, are no longer required to pay withdrawal fees.

Previously, some banks imposed charges after a certain number of withdrawals within a month. However, the revised guideline now allows customers to access their money freely through their bank’s ATM network.

Industry observers believe this will improve customer satisfaction and reduce complaints relating to excessive banking charges.

3. Virtual Debit Card Issuance

Banks are now mandated to issue virtual debit cards to customers at no cost.
Virtual cards have become increasingly popular for online shopping, subscription payments, international transactions, and digital services because they offer additional security against fraud and unauthorized access.

The free issuance of virtual cards is expected to boost e-commerce participation and encourage more Nigerians to embrace digital financial services safely.

4. PIN Reset and Re-Issuance

Customers will also no longer pay fees for PIN reset or PIN re-issuance services.
In the past, users who forgot their transaction PINs or needed a new PIN for security reasons were often charged by banks before the service could be activated.

The removal of these charges is expected to make banking more convenient and customer-friendly.

Experts note that the policy could also encourage stronger security practices, as customers may now feel more comfortable changing compromised PINs without financial penalties.

5. Monthly Account Statements

Monthly account statements are now to be provided free of charge by banks.

Account statements remain an important financial record for salary earners, business owners, and organizations, helping customers monitor spending patterns, verify transactions, and maintain transparency in personal or corporate finances.

The development is expected to support better financial management while eliminating unnecessary administrative costs for customers.

The revised banking charges framework reflects the CBN’s broader commitment to improving transparency in the financial sector and reducing the financial burden on bank customers.

Experts believe the policy will strengthen confidence in Nigeria’s banking system while accelerating the country’s transition toward a more inclusive and digitally driven economy.

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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.

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The proposal is contained in an exposure draft jointly issued by the two regulators on February 5, 2026, and published on the CBN’s website. It seeks to address growing consumer complaints over transactions in which bank accounts are debited without successful airtime or data delivery.

Under the draft framework, the CBN and NCC plan to institutionalise accountability across the financial and telecommunications value chains, enforce standard resolution timelines and strengthen consumer redress mechanisms.

According to the document, the regulators will conduct compliance audits of stakeholders either jointly or individually on a quarterly basis or at other intervals deemed necessary. The audits will cover banks, mobile network operators, payment service providers, merchants and NCC-licensed entities involved in airtime and data vending.

The framework also proposes routine audits of partners to ensure that only properly licensed and authorised entities participate in airtime and data transactions, a move aimed at reducing failures linked to unlicensed intermediaries and weak system integrations.

In addition, the regulators intend to impose penalties for breaches identified during audits, reinforcing enforcement beyond voluntary compliance.

A key feature of the proposal is the introduction of unified service level agreements with strict timelines for transaction processing and reversals. Failed transactions would trigger real-time notifications across banks, mobile operators and licensed vendors, with automated refunds expected within seconds once failure is confirmed.

For unfulfilled airtime or data delivery, refunds are to be completed within 30 seconds in simulated or sandbox environments. Banks will also be limited to a maximum of two transaction re-attempts to prevent multiple debits during network downtimes.

To improve oversight, the framework proposes a central monitoring dashboard jointly managed by the CBN and NCC to track failed transactions, reversals, SLA breaches and consumer complaints across the ecosystem.

Stakeholders will also be required to publish quarterly SLA compliance scorecards, a move regulators say will improve transparency and restore consumer trust in digital airtime and data channels.

The exposure draft has been released for public comment ahead of nationwide implementation.

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