- Inaugurate committees for protection against fraud
The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have entered a Memorandum of Understanding (MoU) to jointly safeguard consumers against fraud.
It will also afford them the opportunities for the consumers to leverage the potentials of the telecommunications and financial sectors.
The MoU was signed just as the NCC and CBN inaugurated a Joint Committee on Payment Systems and Consumer Protection and a Joint Committee on Telecoms Identity Risk Management System (TIRMS) Portal.
The Executive Vice-Chairman/Chief Executive Officer of NCC, Dr. Aminu Maida said “the MoU provides a structured framework for cooperation in critical areas including payment system integrity, fraud mitigation, digital inclusion, and the protection of consumers, micro, small and medium-sized enterprises”, which he noted will translate into practical outcomes that strengthen trust, deepen inclusion, and support a secure and resilient digital economy.
Nnenna Ukoha, Head, Public Affairs, at NCC, quoted Dr. Maida as describing the signing of the MoU as an important milestone in “the regulatory stewardship” of Nigeria’s digital economy.
The NCC boss stated that the event reflects a shared commitment to collaboration in strengthening financial system stability, advancing digital inclusion, and protecting consumers in an increasingly interconnected ecosystem.
According to him: “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. 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.
“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.
“For the NCC, this MoU speaks directly to one of the critical pillars of our strategic focus: leveraging cross-sectoral innovation to deliver a safe, resilient, inclusive and trusted digital ecosystem.
“As mobile numbers increasingly underpin identity, authentication, and financial access, collaboration with the CBN is essential to ensuring that innovation is matched with strong governance, system stability, and consumer safeguards”.
