CBN, NCC launch joint offensive against SIM-linked fraud

The Central Bank of Nigeria and the Nigerian Communications Commission have formalised a new partnership aimed at curbing SIM-related fraud and improving consumer protection in the country’s fast-growing digital space.

The agreement, sealed on Monday in Abuja, is designed to tighten coordination between financial and telecommunications regulators. It focuses on tackling electronic fraud linked to mobile numbers, safeguarding payment systems, and ensuring better outcomes for consumers.

Speaking at the signing, CBN Governor Olayemi Cardoso described the pact as a decisive move in the national interest, stressing the urgency of stronger regulatory alignment as digital transactions expand.

“This MoU is not merely an administrative document; it is a practical statement of national interest,” he said, adding that it would help reinforce “the stability and integrity of Nigeria’s payment system while supporting innovation and consumer safety”.

Cardoso noted that the arrangement would improve collaboration on approvals, technical standards, and innovation testing, including sandbox trials, to ensure financial services remain efficient and scalable.

He also underscored the need for a coordinated response to fraud threats. “Addressing these threats requires joined-up action, shared intelligence, clearer escalation paths, stronger operational readiness across regulated entities, and consistent public education,” he said.

A central feature of the agreement is the planned rollout of a Telecom Identity Risk Management Portal. The platform will enable data sharing to detect fraud linked to recycled, swapped, or blacklisted phone numbers.

According to Cardoso, the system will allow banks and fintech firms to verify the status of mobile numbers in real time, providing an added layer of protection for both consumers and the financial system. He added that strict data protection measures, including encryption and consent protocols, would guide its use.

On his part, NCC Executive Vice Chairman Aminu Maida said the agreement marked a turning point for regulation in Nigeria’s digital economy.

“The signing of this Memorandum of Understanding marks an important milestone in the regulatory stewardship of Nigeria’s digital economy,” he said, insisting that collaboration between the two institutions “is not optional; it is imperative”.

Maida explained that the initiative would give financial institutions clearer visibility into phone number activity, including whether a line has been swapped, recycled, or flagged for fraud.

“This ensures that our financial services industry is better equipped with timely and relevant information to effectively combat e-fraud, particularly those perpetrated using phone numbers,” he said.

He added that the framework would also improve consumer experience, noting that persistent issues such as failed airtime recharges would be resolved more quickly.

Earlier, CBN Director of Payment System Supervision, Rakiya Yusuf, said the collaboration reflects years of evolving engagement between both regulators.

She recalled earlier efforts to align mobile payment rules with telecom licensing, including a 2018 agreement that enabled telecom operators to participate in mobile money services through special purpose vehicles.

Yusuf also pointed to joint interventions such as the resolution of the USSD pricing dispute, which introduced a N6.98 per session charge, and ongoing work to implement a 30-second refund window for failed transactions.

Under the new arrangement, two joint committees will oversee implementation. These are the Joint Committee on Payment Systems and Consumer Protection and another dedicated to the telecom risk management platform.

The regulators believe the partnership will deepen financial inclusion, reduce fraud risks, and strengthen public confidence in Nigeria’s expanding digital economy.