The Central Bank of Nigeria and the Nigerian Communications Commission on Monday unveiled a joint regulatory offensive to combat rising electronic fraud and strengthen safeguards across Nigeria’s fast-growing digital economy.
The initiative, formalised through a Memorandum of Understanding signed in Abuja, is aimed at tightening coordination between both regulators as digital financial transactions continue to surge nationwide.
Speaking at the event, CBN Governor, Olayemi Cardoso, said the partnership marks a decisive shift towards proactive regulation, warning that the rapid adoption of digital financial services has been accompanied by increasingly sophisticated fraud schemes.
He noted that the collaboration would enable real-time intelligence sharing, improved transaction monitoring, and the deployment of stronger authentication protocols, particularly for high-risk transactions within the financial system.
A major highlight of the agreement is the introduction of a Telecom Identity Risk Management Portal, designed to allow banks, fintech firms, and other service providers to verify the status of mobile numbers in real time.
Cardoso explained that the platform would help detect risks associated with recycled, swapped, or flagged phone numbers—channels frequently exploited by fraudsters—while operating under strict data protection measures, including encryption and user consent protocols.
The CBN boss added that the deal also provides a framework for joint regulatory action on consumer protection, including enhanced complaint resolution mechanisms and coordinated public awareness campaigns.
He stressed that vulnerable groups, particularly small businesses and underserved populations, would benefit from targeted sensitisation programmes under the initiative.
To drive implementation, both institutions have set up joint committees focused on payment system integrity and telecom identity risk management.
“These structures will ensure that our collaboration delivers concrete outcomes, not just intentions,” Cardoso said.
On his part, Executive Vice Chairman of the NCC, Aminu Maida, described the partnership as a timely response to the growing reliance on mobile channels for financial transactions and the attendant risks.
He said the ability of financial institutions to track whether phone numbers have been reassigned, swapped, or linked to suspicious activities would significantly strengthen fraud detection and prevention efforts.
Maida noted that e-fraud has become a major concern for both the telecommunications and financial sectors, warning that it poses a threat to consumer confidence and the stability of the digital economy.
He also cited previous successful collaboration between the two regulators, including efforts to resolve the long-standing USSD debt dispute, as evidence of the benefits of inter-agency coordination.
According to him, the agreement goes beyond fraud prevention to address broader challenges such as service failures, weak consumer protection frameworks, and regulatory gaps in an increasingly interconnected ecosystem.
He assured that the partnership would also enable faster resolution of consumer complaints, particularly those relating to failed transactions and undelivered airtime purchases.
Both regulators expressed optimism that the strengthened collaboration would not only curb electronic fraud but also enhance trust, resilience, and inclusiveness in Nigeria’s digital financial system.
FOLLOW US
FOR MORE HERE
