Regulation

Bank and comms regulator unite to tackle Nigeria’s electronic fraud issues

Bank and comms regulator unite to tackle Nigeria’s electronic fraud issues

The Central Bank of Nigeria (CBN) and regulator the Nigerian Communications Commission (NCC) have signed a memorandum of understanding (MoU) aimed at tackling SIM-related fraud and strengthening consumer protection across Nigeria’s digital ecosystem.

The agreement aims to improve coordination between the financial and telecommunications sectors, focusing on combating electronic fraud linked to mobile numbers, enhancing payment system integrity, and protecting consumers.

The Punch news site reports the CBN Governor, Olayemi Cardoso, saying that the increasing reliance on digital channels for payments and financial services required stronger collaboration between both regulators.

With this in mind, the hope is that the deal will strengthen coordination on approvals, technical standards, and innovation trials, including sandbox testing, to ensure that financial services remain reliable and scalable.

Cardoso also notes that the partnership aims to improve the response to electronic fraud.

A key component of the agreement is the rollout of the Telecom Identity Risk Management Portal, a data-sharing platform designed to detect fraud linked to recycled, swapped, or blacklisted phone numbers. This platform will enable real-time verification of mobile number status across banks and fintech firms.

The public has been assured that strict compliance with data protection laws, including encryption and consent protocols, will guide the use of the platform. 

If successful, the initiative will give financial institutions better visibility into the status of phone numbers used in transactions, including whether a line has been swapped, recycled, or flagged for fraudulent activity.

As for consumer protection, issues such as failed airtime recharges should be resolved more quickly under the new framework. Punch has previously reported on the unveiling of a joint CBN and NCC framework to tackle the growing problem of failed airtime and data transactions, where payments are processed but service delivery is not provided.

Under the new agreement, two joint committees will be established to drive implementation. 

As well as CBN and NCC input for the MoU was sought from banks, mobile operators, payment providers, and other stakeholders.



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