ABUJA, Nigeria — The Nigerian Communications Commission and the Central Bank of Nigeria signed a Memorandum of Understanding on Monday, April 20, 2026, to establish frameworks for mitigating electronic fraud and managing consumer protections across the telecommunications and financial sectors.
Okay News reports that the Executive Vice Chairman and Chief Executive Officer of the Nigerian Communications Commission, Dr. Aminu Maida, announced the agreement creates a structured framework for cooperation on payment system integrity. The two agencies inaugurated the Joint Committee on Payment Systems and Consumer Protection and the Joint Committee on Telecoms Identity Risk Management System Portal during the signing event.
Dr. Maida stated the collaboration will aggregate data on recycled and flagged phone numbers. “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,” Dr. Maida said.
The partnership targets the prevention of electronic fraud utilizing phone numbers to protect digital financial platforms. “For the NCC, this MoU speaks directly to one of the critical pillars of our strategic focus: leveraging cross-sectoral innovation to deliver a safe, resilient, inclusive and trusted digital ecosystem,” Dr. Maida said.
The Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, outlined the regulatory goals of the agreement following the inauguration of the committees. The collaboration will coordinate approvals, technical standards, and sandbox testing for market-led solutions.
Mr. Cardoso stated the newly inaugurated committees are designed to prioritize the protection of consumers from fraud in both the telecommunications and financial sectors.
