By Favour Pius
The Nigerian Communications Commission and the Central Bank of Nigeria have signed a Memorandum of Understanding (MoU) to strengthen collaboration in tackling rising payment fraud and enhancing consumer protection across Nigeria’s digital ecosystem.
The agreement is expected to improve coordination between the telecommunications and banking sectors, enabling faster detection, prevention and response to fraudulent transactions linked to mobile networks and digital payment platforms.
Officials of both regulators said the partnership comes amid increasing concerns over electronic fraud, driven by the rapid growth in mobile banking, fintech services and digital transactions across the country.
Under the MoU, the two agencies will share relevant data, align regulatory frameworks and develop joint mechanisms to address emerging risks, including identity theft, SIM swap fraud and unauthorised access to bank accounts.
The collaboration will also focus on strengthening Know-Your-Customer (KYC) processes, improving verification systems and ensuring that telecom and financial service providers comply with security standards designed to safeguard users.
Industry stakeholders said the move signals a more integrated regulatory approach to managing risks in Nigeria’s fast-expanding digital economy, where telecom infrastructure plays a critical role in financial service delivery.
They noted that closer cooperation between the NCC and the CBN could help reduce systemic vulnerabilities, particularly in areas where fraudsters exploit gaps between telecom and banking operations.
Analysts also stressed the importance of public awareness and consumer education, warning that technology-driven fraud schemes are becoming increasingly sophisticated.
The regulators, however, assured that the agreement would not only curb fraudulent activities but also boost consumer confidence in digital payment systems, which are central to Nigeria’s financial inclusion drive.
The MoU is expected to pave the way for joint enforcement actions, policy alignment and continuous monitoring of emerging threats, as authorities intensify efforts to secure the country’s digital financial landscape.
