A memorandum of understanding has been struck by the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) to enhance data sharing procedures and fortify electronic payment platforms.
The governor of the Central Bank, Mr. Olayemi Cardoso, spoke at the signing ceremony in Abuja on Monday. He said that the MoU will improve coordination between the two parties on approvals, technical standards, and innovation trials, including sandbox testing that promotes market-led solutions while preserving stability.
“We will support measures like enhanced authentication for higher-risk transactions, efficient transaction monitoring, functional fraud reporting channels, and a harmonized consumer sensitization program—particularly for underserved segments and MSMEs who are frequently most exposed to these risks,” he stated.
Additionally, the MoU facilitates the deployment of the Telecom Identity Risk Management Portal (TIRMP), a safe, legally supported data-sharing platform intended to assist in preventing fraud associated with swapped, churned, or banned mobile numbers.
Real-time mobile number status verification across banks, fintechs, and other digital platforms is an essential security measure for both the financial system and customers. Crucially, we will make sure that the application of this capability is controlled by precise standard operating procedures and rigorous adherence to Nigeria’s data protection regulations, which include suitable security measures, encryption, and consent procedures.
The Joint Committee on Payment System and Consumer Protection and the Joint Committee on Telecom Identity Risk Management System (TIRMP) were also established by the MoU to offer organized coordination, address operational conflicts, suggest enhancements, and document developments.
Dr. Aminu Maida, the NCC’s Executive Vice-Chairman, also noted in his remarks that the MoU directly addresses one of the organization’s key pillars, which is utilizing cross-sectoral innovation to create a digital ecosystem that is secure, resilient, inclusive, and trustworthy.
Collaboration with the CBN is crucial to ensuring that innovation is coupled with robust governance, system stability, and consumer protections as mobile numbers increasingly support identity, authentication, and financial access.
“The MoU’s primary goal is to prevent electronic fraud, which is becoming more and more common and has serious consequences for the integrity of our digital economy. The Financial Services Industry will now have improved visibility into the status of phone numbers, one of the most commonly used resources in your sector, despite being regulated by the NCC, thanks to the Telecom Identity Risk Management System (TIRMS) Portal, which compiles data on churned (recycled) phone numbers as well as numbers flagged within your sector.
This implies that the Financial Institutions will be able to ascertain whether a line is active, whether it has been switched, whether it has been disconnected due to inactivity and transferred to a new subscriber, and whether it has been reported for fraudulent or suspicious conduct, he continued.
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