The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have formally executed a Memorandum of Understanding (MoU) designed to combat SIM-related fraud and reinforce consumer protection within Nigeria’s rapidly expanding digital ecosystem. The agreement was signed at the CBN headquarters in Abuja on Monday, underscoring the regulators’ shared commitment to safeguarding the integrity of financial and telecommunications systems.
Some key Objectives of the MoU are:
– Enhanced Coordination: The pact seeks to harmonize oversight between the financial and telecom sectors, particularly in tackling electronic fraud linked to mobile numbers.
– Payment System Integrity: It aims to strengthen the resilience of Nigeria’s payment infrastructure while supporting innovation.
– Consumer Protection: The framework prioritizes safeguarding consumers against fraud, failed transactions, and systemic risks.
Speaking at the event, CBN Governor, Olayemi Cardoso, described the MoU as a “practical statement of national interest,” stressing that the increasing reliance on digital channels for payments necessitates stronger inter-agency collaboration. He emphasized that the agreement would:
– Reinforce stability in Nigeria’s payment system.
– Support innovation through coordinated approvals, technical standards, and sandbox testing.
– Improve fraud response mechanisms via shared intelligence, escalation protocols, and public education.
Also speaking, the NCC’s Executive Vice Chairman, Aminu Maida, hailed the agreement as a milestone in regulatory stewardship of Nigeria’s digital economy. He noted that financial institutions would gain real-time visibility into the status of phone numbers used in transactions—whether swapped, recycled, or flagged for fraud—thereby improving fraud detection and consumer confidence.
A central feature of the MoU is the Telecom Identity Risk Management Portal, a data-sharing platform enabling banks and fintechs to verify mobile number status in real time. This tool is expected to detect fraud linked to recycled, swapped, or blacklisted SIMs. Provide an additional layer of consumer and systemic protection, and operate under strict compliance with data protection laws, including encryption and consent protocols.
Dr. Rakiya Yusuf, Director of Payment System Supervision at the CBN, traced the collaboration back to earlier efforts, including the 2018 MoU enabling telecom operators to participate in mobile money services.
She also highlighted joint interventions such as the resolution of the USSD pricing dispute, which introduced a N6.98 per session fee, as well as recent proposals for a 30-second refund framework to address failed transactions.
The two joint committees will drive implementation under the new agreement. These include the Joint Committee on Payment Systems and Consumer Protection, and the Joint Committee on Telecom Risk Management Platform
The regulators also unveiled a 20-page draft framework (dated February 5, 2026) addressing failed airtime and data transactions. This framework clarifies accountability, standardizes complaint-resolution timelines, and establishes a coordinated grievance redress system across both sectors.
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