In a decisive move to fortify Nigeria’s financial ecosystem against increasingly sophisticated cyber threats, the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have signed a comprehensive Memorandum of Understanding (MoU). The agreement, formalized on Monday, April 20, 2026, grants commercial banks real-time access to critical telecommunications data to combat electronic fraud and SIM-related crimes.
The partnership comes at a pivotal moment for the nation’s digital economy. While recent data from the Nigeria Inter-Bank Settlement System (NIBSS) indicates that fraud losses in the banking sector fell by 51% to ₦25.85 billion in 2025, regulators warn that the methods used by criminals, particularly social engineering and SIM-swap fraud, continue to evolve in complexity.
At the heart of this collaboration is the inauguration of the Telecom Identity Risk Management System (TIRMS). This digital portal serves as a bridge between the two sectors, allowing financial institutions to verify a mobile number’s status before authorizing high-value transactions.
With this tool, banks can now instantly determine whether a phone number has recently been swapped, disconnected, or recycled. “This visibility is a game changer,” stated Dr. Aminu Maida, Executive Vice Chairman of the NCC. “Financial institutions will be better equipped with timely and relevant information to combat e-fraud, particularly those perpetrated using phone numbers effectively.”
CBN Governor Olayemi Cardoso described the MoU as a “practical statement of national interest.” He emphasized that as Nigerians increasingly rely on digital channels for commerce and credit, the underlying telecommunications networks must be as secure as the financial vaults they connect to.
“When the communications sector is strong, the financial system is more inclusive and efficient,” Cardoso remarked during the ceremony in Abuja. He further noted that the agreement would harmonize consumer sensitization programs and establish clearer escalation paths for fraud reporting, particularly for underserved segments and small businesses (MSMEs).
Beyond fraud prevention, the deal aims to solve long-standing friction points for everyday users. One significant focus is the prompt resolution of failed airtime and data recharges, a frequent source of consumer frustration. Under the new framework, two joint committees, one for Payment Systems and Consumer Protection, and another for the TIRMS portal, will provide structured coordination to resolve such operational failures within the shortest possible time.
This 2026 agreement builds on a history of strategic interventions between the two regulators. It follows the successful 2025 resolution of the long-standing USSD debt impasse, which had threatened the continuity of mobile banking services. By formalizing this partnership, the CBN and NCC aim to create a predictable and stable regulatory environment that fosters innovation in open banking, QR-based payments, and digital inclusion.
CBN and NCC sign MoU to combat electronic fraud
This video provides a visual breakdown of the agreement’s objectives and explains how the data-sharing portal will impact everyday banking and telecom users in Nigeria.
