By JESSICA DOGO

The Nigerian Communications Commission (NCC) and Central Bank of Nigeria (CBN) have signed a Memorandum of Understanding to strengthen consumer protection.

NCC spokesperson, Nnenna Ukoha, disclosed this in a statement on Monday in Abuja.

She said the agreement would also combat fraud across telecommunications and financial sectors.

Ukoha said the MoU was formalised alongside inauguration of joint committees on payment systems, consumer protection, and the Telecoms Identity Risk Management System portal.

NCC Executive Vice Chairman, Aminu Maida, said the pact provided a framework for collaboration on payment integrity, fraud mitigation, digital inclusion, and consumer protection.

He said the initiative would deliver outcomes that strengthen trust, deepen inclusion, and support a secure digital economy.

Maida described the signing as a milestone, reflecting both institutions’ commitment to financial stability and consumer protection in an interconnected ecosystem.

“The Commission places significant importance on collaboration. Many milestones in addressing industry challenges came through strategic partnerships,” he said.

He recalled NCC and CBN intervention in resolving the USSD debt impasse, restoring confidence among consumers, telecom operators, and financial institutions.

According to him, the MoU will promote secure digital payments and expand access to underserved populations and small businesses.

Maida said the TIRMS portal would help curb electronic fraud by offering real-time insights into phone number status.

“This includes whether a line is active, swapped, disconnected, reassigned, or flagged for suspicious activity.

“This will significantly improve financial institutions’ ability to combat phone-linked fraud,” he said.

He said the collaboration would also ensure prompt resolution of consumer complaints, including failed airtime recharges.

CBN Governor, Olayemi Cardoso, said the MoU would improve coordination on approvals, standards, and innovation, including sandbox testing.

Cardoso reaffirmed the bank’s commitment to building a safer, more resilient, and inclusive digital financial system.

“Going forward, the Central Bank remains committed to working with the Commission to protect consumers and strengthen trust in the digital economy,” he said.

He inaugurated the joint committees, noting they would prioritise consumer protection and fraud prevention.

The News Agency of Nigeria (NAN) reports the initiative is expected to boost confidence while addressing risks in converging telecoms and financial services. (NAN)