CBN and NCC Formalise Strategic Partnership to Combat Electronic Fraud and Protect Digital Consumers

The CBN and NCC partner to launch a Telecom Identity Risk Management Portal, aiming to reduce e-fraud and improve digital financial consumer protection.

By: AXL Media

Published: Apr 21, 2026, 4:03 AM EDT

Source: Information for this report was sourced from ThisDay

A Unified Regulatory Front Against Digital Financial Crimes

In a landmark move to fortify Nigeria's digital economy, the Central Bank of Nigeria and the Nigerian Communications Commission have formalised a comprehensive framework for inter-agency cooperation. Governor Olayemi Cardoso described the agreement as a practical statement of national interest rather than a mere administrative document. The partnership is designed to deliver a safer and more inclusive digital financial system by aligning the regulatory oversight of both the banking and telecommunications sectors. This strategic handshake aims to address the growing complexity of the digital ecosystem while reinforcing the integrity of national payment systems.

Operationalising Fraud Prevention Through Real Time Data

A central component of this collaboration is the inauguration of the Joint Committee on the Telecom Identity Risk Management Portal. This secure, regulatory backed platform is engineered to prevent electronic fraud by providing financial institutions with real time visibility into the status of mobile numbers. Under the new guidelines, banks and fintechs can verify if a phone line has been swapped, disconnected, or recycled before processing high risk transactions. Aminu Maida, the NCC Executive Vice Chairman, noted that this enhanced visibility into churned or blacklisted numbers is critical, as mobile identities increasingly underpin financial access across the country.

Strengthening Consumer Protection and Service Reliability

The Memorandum of Understanding places a significant emphasis on resolving operational frictions that directly affect everyday users. Maida highlighted that the agreement ensures prompt resolution for consumers who experience issues such as airtime recharges failing to deliver value. By establishing structured coordination between the two regulators, the partnership seeks to create a more predictable and responsive complaint handling environment. This joined up action is expected to build public trust in digital channels, ensuring that transactions remain reliable as the nation expands instant and QR based payment systems.