Governor of the Central {Bank} of Nigeria (CBN), Mr. Olayemi Cardoso, and Government Vice Chairman/Chief Government, Nigerian Communications Fee (NCC), Aminu Maida, on Monday , formalised a Memorandum of Understanding (MoU) between each establishments to ship a safer, extra resilient, and inclusive digital {financial} system that helps nationwide productiveness, protects shoppers, and strengthens belief within the nation’s digital financial system.
Talking on the signing ceremony held on the CBN Headquarters in Abuja, Cardoso mentioned given the dimensions and complexity of in the present day’s digital {financial} ecosystem, there was a necessity for a extra complete, forward-looking, and enduring framework to handle rising points.
He emphasised the necessity to reinforce stability and integrity of the nation’s fee system, strengthen collective response to digital fraud, and enhance client safety.
He mentioned the power to confirm cell quantity standing in actual time throughout banks, fintechs, and different digital platforms remained a crucial layer of safety for shoppers and for the {financial} system.
The CBN governor burdened that the MoU will be certain that using the aptitude was ruled by clear commonplace working pointers and strict compliance with Nigeria’s knowledge safety necessities, together with applicable safeguards, encryption, and consent protocols.
Along with the formalisation of the Bargain, Cardoso additionally inaugurated the Joint Committee on Fee System and Client Safety, and Joint Committee on Telecom Identification Threat Administration Portal (TIRMP), a safe, regulatory-backed data-sharing platform designed to assist stop fraud linked to churned, swapped, or blacklisted cell numbers.
He mentioned the committees will present structured coordination, resolve operational frictions, advocate enhancements, and report progress, “in order that this partnership delivers measurable outcomes, not simply good intentions.”
He said that the MoU additional despatched a transparent sign to regulated entities, together with {financial} establishments, fee service suppliers, cell community operators, and different stakeholders, that regulatory collaboration can be predictable, coordinated, and anchored on the general public curiosity going ahead.
Cardoso mentioned, “We are going to proceed to encourage innovation, however we may even insist on duty: strong infrastructure capability, sturdy controls, responsive grievance dealing with, and full compliance with relevant legal guidelines and regulatory directives.”
He added, “First, we’re reinforcing the steadiness and integrity of Nigeria’s fee system. As we deepen instantaneous funds, increase QR-based funds, and advance open banking and API interoperability, it’s important that infrastructure throughout each sectors is aligned in order that transactions are dependable, providers scale easily, and shoppers take pleasure in protected and seamless experiences.
“By way of this MoU, we are going to strengthen coordination on approvals, technical requirements, and innovation trials, together with sandbox testing that helps market-led options whereas safeguarding stability.”
Cardoso said, “Second, we’re strengthening our collective response to digital fraud and bettering client safety. The rise in digital adoption has additionally attracted more and more refined fraud schemes.
“Addressing these threats requires joined-up motion—shared intelligence, clearer escalation paths, stronger operational readiness throughout regulated entities, and constant public schooling.”
The CBN governor said, “Throughout Nigeria, our residents and companies more and more rely on digital channels to avoid wasting, pay, commerce, entry credit score, and construct livelihoods. These channels, in flip, rely on resilient telecommunications networks, trusted id programs, and safe knowledge flows.
“Put merely: when the communications sector is robust, the {financial} system is extra inclusive and extra environment friendly; and when the {financial} system is sound, funding and innovation within the digital financial system can thrive.
“That’s the reason this MoU will not be merely an administrative doc—it’s a sensible assertion of nationwide curiosity.”
The apex {bank} boss additional defined that the Bargain will assist measures, akin to strengthened authentication for higher-risk transactions, efficient transaction monitoring, practical fraud reporting channels, and a harmonised client sensitisation programme, significantly for underserved segments and MSMEs who are sometimes most uncovered to those dangers.
In his remarks, Maida mentioned the MoU supplied a structured framework for cooperation in crucial areas, together with fee system integrity, fraud mitigation, digital inclusion, and the safety of shoppers, micro, small and medium-sized enterprises, which can translate into sensible outcomes that strengthen belief, deepen inclusion, and assist a safe and resilient digital financial system.
He described the signing as an essential milestone in regulatory stewardship of Nigeria’s digital financial system, saying it displays a shared dedication to collaboration in strengthening {financial} system stability, advancing digital inclusion, and defending shoppers in an more and more interconnected ecosystem.
Maida He highlighted safety of Nigerian shoppers because the principal objective of the MoU, saying each NCC and CBN have persistently pursued it.
“With this handshake, shoppers who expertise points, akin to airtime recharges that don’t ship worth could be assured of immediate decision inside the shortest attainable time,” he mentioned.
The NCC boss burdened, “The fee locations vital significance on collaboration. Certainly, lots of the crucial milestones we have now achieved in addressing a few of our business’s challenges—and even in leapfrogging our sector—have been made attainable by way of strategic partnerships and sustained collaboration. Our collaboration with the central {bank} will not be new.
“Over time, our two establishments have demonstrated the worth of shut regulatory coordination. A notable and up to date instance is our collective effort in resolving the long-standing USSD debt deadlock—an intervention that restored confidence, preserved service continuity, and safeguarded the pursuits of shoppers, telecom operators, and {financial} establishments alike. That have reaffirmed a easy reality: that advanced, cross-sector challenges are finest addressed by way of structured collaboration.”
Maida mentioned the MoU supplied a transparent framework for collaboration in crucial areas, like “fee system integrity, client safety, fraud mitigation, and the accountable use of digital infrastructure.”
He mentioned, “Particularly, it helps initiatives that promote safe digital funds, improve belief in mobile-enabled {financial} providers, and lengthen protected entry to underserved populations and MSMEs.”
He defined, “For the NCC, this MoU speaks on to one of many crucial pillars of our strategic focus: leveraging cross-sectoral innovation to ship a protected, resilient, inclusive and trusted digital ecosystem. As cell numbers more and more underpin id, authentication, and {financial} entry, collaboration with the CBN is crucial to making sure that innovation is matched with sturdy governance, system stability, and client safeguards.”
Maida said that the collaboration was designed, “For the prevention of digital fraud, which has develop into more and more pervasive, with vital implications for the integrity of our digital financial system.
“By way of the Telecom Identification Threat Administration System (TIRMS) Portal—which aggregates knowledge on churned (recycled) telephone numbers, in addition to numbers flagged inside your sector—the {Financial} Providers Trade will now have enhanced visibility into the standing of telephone numbers, one of the extensively utilised sources in your sector, though regulated by the NCC.
“Which means the {Financial} Establishments will be capable to decide when a line is lively, when it has been swapped, when it has been disconnected as a result of inactivity and reassigned to a brand new subscriber, and when it has been flagged for suspicious or fraudulent exercise.
“This ensures that our {financial} providers business is healthier outfitted with well timed and related data to successfully fight e-fraud, significantly these perpetuated utilizing telephone numbers, within the nation.”
He said, “The institution of a platform for sustained engagement, coordinated coverage responses, and joint motion, as new dangers and alternatives emerge throughout the digital and {financial} panorama, by this MoU, positions our two establishments to stay proactive, aligned, and efficient in fulfilling our respective mandates.”
In her opening feedback, CBN Director, Funds System Supervision Division, Dr. Yusuf Rakiya Opeyemi, said that partnership between CBN and NCC had advanced from separate regulatory oversights right into a deeply built-in collaboration aimed toward securing Nigeria’s digital and {financial} future.
James Emejo
Times Nigeria