NCC, CBN Teams to Fight Payment Fraud and Protect Consumers

Nigeria’s regulators are tightening their grip on digital fraud. A new partnership between telecom and banking authorities is now in place.

The Nigerian Communications Commission and the Central Bank of Nigeria have signed an agreement to tackle payment fraud and improve consumer protection. The move signals a stronger push to secure Nigeria’s growing digital economy. According to officials, the deal creates a formal structure for collaboration across both sectors.

NCC CBN partnership targets payment fraud

The new NCC CBN partnership introduces a joint approach to fraud prevention. It also focuses on improving trust across telecom and financial systems.

The agreement includes the creation of two joint committees. These groups will oversee payment systems and telecom identity risks. Speaking on the development, NCC’s Executive Vice Chairman, Aminu Maida, explained the broader goal.

He said: “That intervention restored confidence, preserved service continuity, and safeguarded the interests of consumers, telecom operators, and financial institutions alike.”

Although he referred to earlier efforts, the message remains clear. Collaboration is central to solving industry-wide problems.

Why the new system matters now

The NCC CBN partnership comes at a time when digital transactions are rising quickly. However, so are complaints. Many users have reported failed airtime and data purchases. In such cases, bank accounts get debited without service delivery.

Because of this, both regulators had earlier proposed joint audits. These audits will cover banks, telecom firms, and other service providers. The goal is simple. Ensure accountability across the entire value chain. At the same time, the framework will enforce faster dispute resolution. This should reduce delays in refunds and customer complaints.

Inside the TIRMS portal rollout

One major outcome of the NCC CBN partnership is the launch of the Telecoms Identity Risk Management System. The platform will give banks access to telecom-related data. This includes details about phone number status and activity.

For instance, financial institutions can confirm if a number is active or recently swapped. They can also detect numbers linked to suspicious behaviour. As a result, fraud risks tied to SIM swaps and recycled numbers could be reduced significantly. This system is expected to improve verification processes across digital payments.

Regulators push for deeper coordination

The NCC CBN partnership goes beyond fraud detection. It also strengthens cooperation on innovation and regulation. The Governor of the Central Bank of Nigeria, Olayemi Cardoso, highlighted this during the announcement.

He said:“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…”This suggests that both institutions plan to align on approvals, standards, and testing environments.