……. signs MoU, set up Committees on payment systems, Consumer Protection, TIRMP

The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) are collaborating to combat electronic fraud and reinforce the integrity of the country’s payment system as well as support the implementation of the Telecom Identity Risk Management Portal (TIRMP).

Speaking on Monday in Abuja, the Governor of CBN, Mr Olayemi Cardoso, said, “It is my pleasure to welcome you to this important signing ceremony, where the Central Bank of Nigeria and the Nigerian Communications Commission formalise an enhanced framework for collaboration between two sectors that now sit at the very heart of modern life: finance and communications.

“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.

“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.”

He explained that the CBN and NCC have a history of constructive engagement on matters such as short code governance for payment service providers, coordination to support cross-platform stability, and the resolution of challenges around USSD payments.

“However, the scale and complexity of today’s digital financial ecosystem require a more comprehensive, forward-looking, and enduring framework. This MoU provides that framework.

“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.”

The CBN Governor further explained that “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.

“Under this MoU, we 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” he stated.

Cardoso also noted that “this MoU supports the implementation of the 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.

“The ability to verify mobile number status in real time across banks, fintechs, and other digital platforms is a critical layer of protection for consumers and for the financial system.

“Importantly, we will ensure that the use of this capability is governed by clear standard operating guidelines and strict compliance with Nigeria’s data protection requirements, including appropriate safeguards, encryption, and consent protocols.

“To translate these commitments into results, this MoU establishes joint governance through two joint committees: (1) the Joint Committee on Payment System and Consumer Protection; and (2) the Joint Committee on TIRMP.

“These committees will provide structured coordination, resolve operational frictions, recommend improvements, and report progress so that this partnership delivers measurable outcomes, not just good intentions.

“For our regulated entities, financial institutions, payment service providers, mobile network operators, and other stakeholders, this MoU sends a clear signal: regulatory collaboration will be predictable, coordinated, and anchored on the public interest.

“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 commended the leadership and technical teams of the NCC and the CBN, “whose diligent work has brought us to this moment.

“I also acknowledge the contributions of our stakeholders across both sectors whose feedback and engagement continue to improve the quality of regulation and the safety of the ecosystem.

“Going forward, the Central Bank of Nigeria remains fully committed to working with the Nigerian Communications Commission to deliver a safer, more resilient, and more inclusive digital financial system, one that supports national productivity, protects consumers, and strengthens trust in Nigeria’s digital economy” Cardoso stated.

On his part, the executive vice chairman of NCC, Dr. Animu Maida said the signing of the Memorandum of Understanding marks an important milestone in “the regulatory stewardship” of Nigeria’s digital economy.

“It reflects a shared commitment to collaboration in strengthening financial system stability, advancing digital inclusion, and protecting consumers in an increasingly interconnected ecosystem.

“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,.

He reiterated that “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.

“The MoU we are signing today is borne out of the imperative that our two institutions must work together in the best interest of the Nigerian consumer.

“It also reflects our shared commitment to building a stronger digital economy, one that is trusted not only by the Nigerian people but also by the global business community.

“This MoU provides a clear framework for cooperation in critical areas such as payment system integrity, consumer protection, fraud mitigation, and the responsible use of digital infrastructure.

“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 stated.

 

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