The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have signed a memorandum of understanding to strengthen electronic payment platforms and improve data sharing mechanisms between both parties.
Speaking during the signing ceremony in Abuja on Monday, the Central Bank governor, Mr. Olayemi Cardoso stated that through the MoU, both parties will strengthen coordination on approvals, technical standards, and innovation trials, including sandbox testing that supports market-led solutions while safeguarding stability.
He said, ‘Under this MoU, we will support measures such as strengthened authentication for higher-risk transactions, effective transaction monitoring, functional fraud reporting channels, and a harmonised consumer sensitisation programme-particularly for underserved segments and MSMEs who are often most exposed to these risks.
‘Also, the MoU supports the implementation of the Telecom Identity Risk Management Portal (TIRMP)-a secure, regulatory-backed data-sharing platform designed to help prevent fraud linked to churned, swapped, or blacklisted mobile numbers.
‘The ability to verify mobile number status in real time across banks, fintechs, and other digital platforms is a critical layer of protection for consumers and for the financial system. Importantly, we will ensure that the use of this capability is governed by clear standard operating guidelines and strict compliance with Nigeria’s data protection requirements, including appropriate safeguards, encryption, and consent protocols.’
The MoU also established two Joint Committees namely the Joint Committee on Payment System and Consumer Protection; and the Joint Committee on Telecom Identity Risk Management System (TIRMP) to provide structured coordination, resolve operational frictions, recommend improvements, and report progress.
Also in his remarks, the Executive Vice-Chairman of the NCC, Dr. Aminu Maida acknowledged that the MoU speaks directly to one of the critical pillars of the NCC which is leveraging cross-sectoral innovation to deliver a safe, resilient, inclusive and trusted digital ecosystem.
‘As mobile numbers increasingly underpin identity, authentication, and financial access, collaboration with the CBN is essential to ensuring that innovation is matched with strong governance, system stability, and consumer safeguards.
‘The MoU is designed to first act in the prevention of electronic fraud, which has become increasingly pervasive, with significant implications for the integrity of our digital economy. Through the Telecom Identity Risk Management System (TIRMS) Portal-which aggregates data on churned (recycled) phone numbers, as well as numbers flagged within your sector-the Financial Services Industry will now have enhanced visibility into the status of phone numbers, one of the most widely utilized resources in your sector, although regulated by the NCC.
‘This means that the Financial Institutions will be able to determine when a line is active, when it has been swapped, when it has been disconnected due to inactivity and reassigned to a new subscriber, and when it has been flagged for suspicious or fraudulent activity,’ he added.