The Central Bank of Nigeria and the Nigerian Communications Commission have launched a coordinated regulatory framework aimed at tackling the growing threat of electronic fraud and reinforcing trust in Nigeria’s fast-expanding digital economy.
At the signing of a Memorandum of Understanding (MoU) in Abuja on Monday, CBN Governor Olayemi Cardoso said the collaboration represents a decisive step to secure Nigeria’s financial system as digital transactions become more widespread.
He warned that increased adoption of digital financial services has been accompanied by more sophisticated fraud schemes, requiring stronger institutional coordination and real-time intelligence sharing.
Cardoso explained that the partnership would enable both regulators to align infrastructure, improve transaction monitoring, and deploy stronger authentication protocols for high-risk transactions across the financial ecosystem.
A key feature of the agreement is the introduction of the Telecom Identity Risk Management Portal, which will allow banks, fintechs, and other service providers to verify the status of mobile numbers in real time.
According to him, the platform will help detect vulnerabilities linked to recycled, swapped, or flagged phone numbers—one of the most exploited channels for fraud in Nigeria’s digital space.
He said the system would operate under strict data protection standards, with safeguards such as encryption and user consent protocols to ensure consumer privacy.
Beyond fraud prevention, the MoU establishes a framework for joint regulatory action on consumer protection, including improved complaint resolution channels and coordinated public awareness campaigns.
The CBN governor added that underserved populations and small businesses, which are often most exposed to digital risks, would benefit from targeted sensitisation efforts.
To ensure effective implementation, the agreement creates two joint committees focused on payment system integrity and telecom identity risk management, respectively.
“These structures will ensure that our collaboration delivers concrete outcomes, not just intentions,” Cardoso said.
In his remarks, executive vice chairman of the NCC, Aminu Maida, described the initiative as a critical response to the increasing use of mobile channels for financial transactions—and the risks that come with it.
He said the ability of financial institutions to track the status of phone numbers—including whether they have been reassigned, swapped, or linked to suspicious activity—would significantly strengthen fraud detection and prevention.
Maida noted that electronic fraud has become a major concern for both sectors, with implications for consumer confidence and the overall stability of the digital economy.
He also highlighted the importance of collaboration in resolving cross-sector challenges, citing the successful intervention by both regulators in addressing the long-standing USSD debt dispute.
According to him, the MoU goes beyond fraud mitigation to address broader risks, including service failures, weak consumer protection systems, and regulatory gaps in an increasingly interconnected ecosystem.
He assured that the partnership would enable faster resolution of consumer complaints, including issues related to failed transactions and undelivered airtime purchases.
Both institutions emphasised that the agreement signals a new phase of proactive regulation, where coordinated oversight replaces fragmented responses to emerging threats.
The regulators expressed confidence that the strengthened collaboration would not only curb electronic fraud but also build a safer, more resilient, and inclusive digital financial system capable of subpporting Nigeria’s economic growth.
