The Nigerian Communications Commission has reaffirmed its commitment to cross-sector collaboration as a cornerstone for addressing industry challenges and accelerating growth, declaring that many of its landmark achievements have been driven by sustained partnerships.
Speaking on the newly signed Memorandum of Understanding with the Central Bank of Nigeria, the Executive Vice Chairman of the Commission, Dr. Aminu Maida, noted that the relationship between both institutions is long-standing and has consistently demonstrated the power of coordinated regulation in resolving complex issues within the telecommunications and financial ecosystems.
Dr. Maida cited the successful resolution of the protracted USSD debt impasse as a defining example of what structured collaboration can achieve, explaining that the joint intervention by both regulators restored confidence, ensured service continuity, and protected the interests of consumers, telecom operators, and financial institutions.
He explained that the new MoU establishes a robust framework for cooperation in critical areas including payment system integrity, consumer protection, fraud mitigation, and the responsible deployment of digital infrastructure, all of which are essential to building trust in mobile-enabled financial services and extending secure access to underserved populations and micro, small, and medium enterprises.
The EVC further disclosed that the agreement is designed to confront the rising threat of electronic fraud through enhanced data sharing and intelligence coordination, anchored on the Telecom Identity Risk Management System Portal. According to him, the platform aggregates data on recycled phone numbers and flagged lines, thereby enabling financial institutions to verify the real-time status of phone numbers used in transactions, including whether a line is active, swapped, disconnected, reassigned, or linked to suspicious activity.
He added that this capability would significantly strengthen the financial services sector’s ability to combat fraud, particularly schemes that exploit mobile numbers, while also ensuring that consumer complaints such as failed airtime recharges are resolved promptly through a more coordinated regulatory approach.
In his remarks, the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, described the MoU as a strategic instrument for strengthening regulatory coordination in areas such as approvals, technical standards, and innovation trials, including sandbox frameworks that encourage market-driven solutions without compromising system stability.
He reiterated the apex bank’s commitment to working closely with the NCC to deliver a safer, more resilient, and inclusive digital financial system, and subsequently inaugurated joint committees on Payment Systems and Consumer Protection, as well as the Telecom Identity Risk Management System Portal, emphasizing that both bodies would place the protection of consumers at the heart of Nigeria’s evolving digital economy.