CBN, NCC Sign MoU to Combat SIM-Related Fraud

Nigeria’s two most critical digital regulators have joined forces in what they’re calling a major step to protect consumers from the rising tide of SIM-related financial fraud.

The Central Bank of Nigeria and the Nigerian Communications Commission on Monday signed a memorandum of understanding that establishes joint regulatory committees and a shared monitoring platform to track recycled and blacklisted phone numbers.

CBN Governor Olayemi Cardoso didn’t mince words about the stakes involved. “This MoU is not merely an administrative document; it is a practical statement of national interest,” he said at the signing ceremony in Abuja.

Telecom Identity Risk Management Portal

The centerpiece of the partnership is the rollout of the Telecom Identity Risk Management Portal, a data-sharing platform that will give banks and fintech companies real-time visibility into whether a phone number used in a transaction has been flagged for fraud, swapped, or recycled.

Cardoso explained that the platform would provide an additional layer of protection for consumers while maintaining strict compliance with data protection laws, including encryption and consent protocols.

NCC Executive Vice Chairman Aminu Maida described the collaboration as imperative rather than optional. “This ensures that our financial services industry is better equipped with timely and relevant information to effectively combat e-fraud, particularly those perpetrated using phone numbers,” he said.

Joint committees established

The agreement establishes joint regulatory committees that will coordinate on approvals, technical standards, and innovation trials including sandbox testing. Both regulators say the partnership will improve response times to electronic fraud and resolve consumer complaints — such as failed airtime recharges — more quickly.

CBN Director of Payment System Supervision Dr Rakiya Yusuf traced the evolving relationship between the two agencies, noting that collaboration has grown from separate oversight roles into integrated efforts to secure Nigeria’s digital and financial systems.

The MoU builds on earlier frameworks including the 2018 agreement that enabled telecom operators to participate in mobile money services through special purpose vehicles.

Sources: Punch, The Sun, Platform Times, Per Second News