National Wire About Nigerians, Nigerian Business and Other Stories
The Central Bank of Nigeria and the Nigerian Communications Commission have signed a Memorandum of Understanding (MoU) aimed at curbing the growing wave of SIM-related fraud across the country.
The agreement signals a coordinated regulatory push to tighten oversight across both the financial and telecommunications sectors, particularly as fraudsters increasingly exploit SIM swap vulnerabilities to gain unauthorized access to bank accounts and digital wallets.
Under the MoU, both regulators are expected to enhance real-time information sharing, strengthen identity verification systems, and align policies governing SIM registration and financial transactions. This collaboration is also designed to improve incident response mechanisms, ensuring quicker detection and resolution of fraudulent activities.
SIM-related fraud has become a major concern in Nigeria’s rapidly expanding digital economy, where mobile numbers are directly linked to banking services. Criminals often manipulate SIM swap processes to intercept one-time passwords (OTPs), bypass security checks, and execute unauthorized transfers.
By deepening cooperation, the CBN and NCC aim to reinforce consumer confidence, safeguard digital financial services, and protect millions of subscribers from financial losses.
The move is widely seen as a critical step toward strengthening Nigeria’s payment system integrity while addressing one of the most persistent threats in the country’s fintech and telecom ecosystem.
The Central Bank of Nigeria and the Nigerian Communications Commission have reinforced their joint push against SIM-related fraud, with top officials describing their new Memorandum of Understanding (MoU) as a decisive step toward securing Nigeria’s fast-growing digital economy.
Speaking at the signing, the Executive Vice Chairman of the NCC, Aminu Maida, said the agreement represents “an important milestone in the regulatory stewardship of Nigeria’s digital economy,” stressing that collaboration between both institutions “is not optional; it is imperative.”
Maida explained that the initiative would significantly improve transparency for financial institutions by providing real-time visibility into the status of phone numbers used in transactions—whether swapped, recycled, or flagged for suspicious activity.
“This ensures that our financial services industry is better equipped with timely and relevant information to effectively combat e-fraud, particularly those perpetuated using phone numbers,” he said.
He added that beyond fraud prevention, the framework would enhance consumer experience, particularly by accelerating the resolution of issues such as failed airtime recharges.
Also speaking, the Governor of the CBN, Olayemi Cardoso, described the pact as “a practical statement of national interest,” noting that the increasing shift toward digital payments demands stronger institutional coordination.
“This MoU is not merely an administrative document—it is a practical statement of national interest,” Cardoso said, adding that it would strengthen the stability and integrity of Nigeria’s payment system while fostering innovation and consumer protection.
He further noted that the agreement would deepen coordination on regulatory approvals, technical standards, and innovation testing—including sandbox environments—to ensure that financial services remain secure, scalable, and resilient.
Cardoso emphasized that tackling rising electronic fraud requires a unified approach built on shared intelligence, clearer escalation processes, improved operational readiness, and sustained public awareness.
A major highlight of the agreement is the planned rollout of a Telecom Identity Risk Management Portal—a data-sharing platform designed to detect and prevent fraud linked to swapped, recycled, or blacklisted phone numbers.
Earlier, the Director of Payment System Supervision at the CBN, Rakiya Yusuf, noted that collaboration between both regulators has evolved from parallel oversight into a more integrated framework focused on securing Nigeria’s telecom and financial ecosystems.
She traced this partnership to earlier milestones, including the 2018 MoU that enabled telecom operators to participate in mobile money services, as well as joint interventions such as resolving the USSD pricing dispute and introducing a N6.98 per session fee.
She also referenced ongoing efforts to address failed transactions through a proposed 30-second refund framework.
To ensure effective implementation, the new agreement establishes two joint committees: the Joint Committee on Payment Systems and Consumer Protection, and the Joint Committee overseeing the telecom risk management platform.
Overall, the MoU is expected to deepen financial inclusion, reduce fraud risks, and strengthen public trust in Nigeria’s rapidly expanding digital economy.
