NCC, CBN Sign MoU for Consumer Safety, Fraud Protection

The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have signed a Memorandum of Understanding (MoU) to safeguard consumers against fraud while opening opportunities for them to leverage the potentials of the telecommunications and financial sectors.

The MoU was signed as NCC and CBN inaugurated a Joint Committee on Payment Systems and Consumer Protection and a Joint Committee on Telecoms Identity Risk Management System (TIRMS) Portal.

The Executive Vice Chairman and Chief Executive Officer of NCC, Dr. Aminu Maida said the MoU would provide a structured framework for cooperation in critical areas including payment system integrity, fraud mitigation, digital inclusion, and the protection of consumers, micro, small and medium-sized enterprises.

He said the MoU would translate into practical outcomes that would strengthen trust, deepen inclusion, and support a secure and resilient digital economy.

Maida described the signing of the MoU as an important milestone in “the regulatory stewardship” of Nigeria’s digital economy, which reflects a shared commitment to collaboration in strengthening financial system stability, advancing digital inclusion, and protecting consumers in an increasingly interconnected ecosystem.

CBN Governor, Mr. Olayemi Cardoso, described the MoU as one that would strengthen coordination on approvals, technical standards, and innovation trials, including sandbox testing that supports market-led solutions while safeguarding stability.

“Going forward, the Central Bank of Nigeria remains fully committed to working with the Nigerian Communications Commission to deliver a safer, more resilient, and more inclusive digital financial system—one that supports national productivity, protects consumers, and strengthens trust in Nigeria’s digital economy,” Cardoso said.