NCC, CBN Ink MoU to Combat Payment Fraud and Strengthen Consumer Protection

Nigeria has taken a significant step toward securing its digital financial ecosystem as the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) formalised a Memorandum of Understanding (MoU) aimed at tackling payment fraud and enhancing consumer protection across telecom and financial services.

The agreement, announced by the NCC’s Head of Public Affairs, Nnenna Ukoha, establishes a structured framework for collaboration between both regulators in critical areas such as payment system integrity, fraud mitigation, digital inclusion, and consumer protection.

As part of the initiative, two joint committees have been inaugurated: one focused on Payment Systems and Consumer Protection, and another dedicated to the Telecoms Identity Risk Management System (TIRMS) Portal.

Speaking on the development, NCC’s Executive Vice Chairman and CEO, Aminu Maida, described the MoU as a milestone in Nigeria’s evolving digital economy. He noted that the partnership would strengthen trust, deepen financial inclusion, and promote a more secure and resilient ecosystem.

According to him, collaboration between regulators has been key to resolving major industry challenges, including the long-standing USSD debt dispute between telecom operators and banks. That intervention, he said, helped restore confidence, maintain service continuity, and protect stakeholders across the value chain.

A major highlight of the partnership is the rollout of the TIRMS Portal, which will provide financial institutions with access to telecom-related risk data. The platform aggregates information on recycled or churned phone numbers, as well as numbers flagged for suspicious activity, enabling banks to verify the status of customer lines and reduce fraud risks.

Also commenting, CBN Governor Olayemi Cardoso said the collaboration would enhance coordination on regulatory approvals, technical standards, and innovation through sandbox testing. He emphasised that the initiative would support market-driven solutions while safeguarding financial system stability.

The MoU builds on earlier joint efforts by both regulators. In February 2026, the NCC and CBN proposed regular audits of banks and telecom operators to address persistent issues with failed airtime and data transactions—particularly cases where customers are debited without receiving service.

Additionally, a consumer refund framework introduced in January guarantees refunds within 30 seconds for failed airtime and data purchases, reinforcing accountability and improving user experience.

With this latest move, both institutions signal a stronger commitment to protecting consumers, curbing fraud, and fostering trust in Nigeria’s fast-growing digital economy.