Nigeria Strengthens Digital Economy Oversight as NCC and CBN Partner on Consumer Safety

The Nigerian Communications Commission (NCC)  and the Central Bank of Nigeria (CBN)  have signed a Memorandum of Understanding aimed at strengthening consumer safety, improving fraud prevention, and enhancing coordination between the telecommunications and financial sectors. The agreement was formalized alongside the inauguration of two joint committees focused on payment systems, consumer protection, and the Telecom Identity Risk Management System (TIRMS) portal.

The collaboration is designed to improve oversight of digital financial activities by enabling better tracking and verification of mobile numbers used in financial transactions. Through the TIRMS platform, financial institutions will gain improved visibility into the status of phone numbers, including those that have been recycled, disconnected, or flagged for suspicious activity. This is expected to significantly strengthen efforts to combat electronic fraud and enhance trust in digital financial services.

As part of the agreement, both regulators emphasized the importance of structured cooperation in addressing emerging risks within Nigeria’s increasingly digital economy. The initiative also focuses on improving payment system integrity, supporting digital inclusion, and ensuring stronger protection for consumers and small businesses. It further provides a framework for coordinated policy responses and innovation support, including regulatory sandbox testing for new solutions.

Both institutions reaffirmed their commitment to building a safer and more resilient digital financial ecosystem. The partnership is expected to enhance regulatory efficiency, strengthen system stability, and support broader national goals of financial inclusion and economic growth.