The Governor of Central Bank of Nigeria (CBN), Olayemi Cardoso and The Executive Vice Chairman of the Nigerian Communications Commission (NCC) Aminu Maida, have signed a Memorandum of Understanding (MoU) at CBN Headquarters in Abuja. The pact aims to build a safer, more resilient digital financial system in Nigeria, boosting productivity, consumer protection, and trust in the digital economy.
CBN Governor, Cardoso emphasized the need for a robust framework to tackle digital finance complexities, including payment system stability, fraud prevention, and real-time mobile number verification across banks, fintechs, and platforms. The MoU enforces strict data protection standards like encryption and consent.
He launched 2 joint committees: one for Payment System and Consumer Protection, and another for the Telecom Identity Risk Management Portal (TIRMP), which flags churned, swapped, or blacklisted numbers to curb fraud. These bodies will coordinate operations, fix issues, and track results, signaling predictable regulatory teamwork for stakeholders.
Cardoso stressed on the need to balance innovation with accountability—aligned infrastructure for instant payments, QR codes, open banking; shared fraud intelligence; and education for vulnerable groups like MSMEs. He called the MoU a “national interest” driver linking strong telecoms to efficient finance.
Maida hailed the MoU as a milestone for collaboration on payment integrity, fraud mitigation, digital inclusion, and consumer safeguards, especially for MSMEs. It promises quick resolutions for issues like undelivered airtime recharges.
He cited past successes, like resolving USSD debts, and spotlighted the TIRMS Portal for giving financial firms visibility into phone number statuses (active, swapped, churned, or flagged). This equips the sector to fight e-fraud proactively. Maida framed the partnership as key to a trusted digital ecosystem, enabling secure payments, mobile finance trust, and access for underserved areas through joint policy and innovation.
