The Central Bank of Nigeria and the Nigerian Communications Commission signed a memorandum of understanding on April 20, 2026, to combat SIM-related fraud and strengthen coordination between Nigeria’s financial and telecommunications sectors.
The agreement, formalized at the CBN headquarters in Abuja, establishes a framework for real-time verification of mobile number status across banks and fintech platforms through the Telecom Identity Risk Management Portal, a data-sharing system designed to detect fraud linked to recycled, swapped, or blacklisted phone numbers.
CBN Governor Olayemi Cardoso described the MoU as a “practical statement of national interest,” emphasizing that the growing reliance on digital channels for payments and financial services demands stronger regulatory collaboration to reinforce payment system integrity and protect consumers.
NCC Executive Vice Chairman Aminu Maida called the partnership imperative, noting that past successes—such as resolving the USSD debt impasse—demonstrate how structured coordination between the two institutions can restore confidence and safeguard consumer interests in complex, cross-sector challenges.
The MoU inaugurates two joint committees: one on Payment Systems and Consumer Protection, and another on Telecom Identity Risk Management Portal (TIRMP), tasked with providing structured coordination, resolving operational frictions, recommending improvements, and reporting progress to ensure measurable outcomes.
Cardoso stressed that the agreement will be governed by clear standard operating guidelines and strict compliance with Nigeria’s data protection laws, including encryption and consent protocols, to ensure the platform’s use aligns with privacy and security standards.
Maida highlighted that the initiative will give financial institutions better visibility into the status of phone numbers used in transactions, enabling them to identify whether a line has been swapped, recycled, or flagged for fraudulent activity, thereby strengthening defenses against e-fraud.
The partnership supports broader goals of digital inclusion, secure digital payments, and extending safe access to underserved populations and micro, small, and medium-sized enterprises, aiming to deepen trust and resilience in Nigeria’s digital economy.
By institutionalizing collaboration, the MoU signals to regulated entities—including banks, payment service providers, and mobile network operators—that regulatory oversight will be predictable, coordinated, and anchored in the public interest moving forward.
How does the Telecom Identity Risk Management Portal work to prevent fraud?
The portal allows banks and fintech firms to verify in real time whether a mobile number used in a transaction has been swapped, recycled, or blacklisted, helping detect and block fraudulent attempts before they succeed.
What past collaboration between CBN and NCC informed this new agreement?
The CBN and NCC previously collaborated to resolve the long-standing USSD debt impasse, an effort that restored confidence and preserved service continuity for consumers, telecom operators, and financial institutions.
Will the MoU affect how consumers experience mobile-based financial services?
Yes, consumers should see faster resolution of issues like failed airtime recharges and greater protection against SIM-swap fraud, as financial institutions gain better tools to verify number legitimacy and respond to threats.
