CBN, NCC launch tech portal to combat financial fraud

Central Bank Governor Olayemi Cardoso noted that this structural alignment is essential as Nigeria deepens instant payments, expands QR-based systems, and advances open banking. He noted that the joint committees formed after the MoU was signed would provide the structured coordination needed to resolve operational frictions and safeguard the integrity of the payment system.

"This MoU is not merely an administrative document—it is a practical statement of national interest," Cardoso stated. He observed that when the communications sector is resilient, the financial system becomes more inclusive and efficient, creating an environment where digital innovation can thrive.

Cardoso signaled to all regulated entities—including banks, mobile network operators, and payment providers—that regulatory oversight will now be more predictable and coordinated. He maintained that while the government encourages innovation, it will insist on infrastructure capacity and responsive complaint handling to strengthen public trust in the digital economy.

The CBN Governor noted that the modern Nigerian economy now rests on the strength of digital channels. He pointed out that while citizens increasingly rely on these platforms to build livelihoods, the integrity of the financial system is strongly linked to the resilience of telecommunications networks and secure data flows.

He noted that the complexity of today’s digital landscape necessitated a forward-looking framework that goes beyond previous administrative arrangements.

A central feature of the new agreement is the implementation of the Telecom Identity Risk Management Portal (TIRMP).

This secure platform allows financial institutions to verify the status of mobile numbers in real time, effectively blocking fraud attempts linked to SIM swaps or the use of recycled or blacklisted phone numbers.

The Governor remarked that this capability provides a vital layer of protection for consumers and the broader financial system while operating in strict compliance with national data protection laws.

Executive Vice Chairman and Chief Executive Officer of the NCC, Dr. Aminu Maida, stated that this enhanced visibility is a critical tool for the financial services industry. He noted that the system allows institutions to determine whether a phone number is active, effectively identifying flagged or suspicious lines before fraudulent transactions can be completed.

"The Financial Services Industry will now have enhanced visibility into the status of phone numbers, one of the most widely utilized resources in the sector," Maida said. He added that the collaboration ensures that innovation in mobile-enabled finance is matched with strong governance and system stability.

To ensure this technical breakthrough translates into lasting results, the two regulators established a permanent governance structure by creating two Joint Committees. These bodies—the Joint Committee on TIRMP and the Joint Committee on Payment System and Consumer Protection—are tasked with moving the partnership beyond policy intentions to measurable outcomes.

The partnership also promises immediate relief for Nigerian consumers regarding service disputes. Maida pointed out that the new agreement ensures that issues such as airtime recharges that fail to deliver value will now be resolved within the shortest possible timeframe. This is part of a broader commitment to protecting underserved segments and small businesses that are often most exposed to digital risks.