By Abiodun Folarin
WorldStage– In a decisive push to curb fraud and strengthen consumer protection, the Central Bank of Nigeria( CBN) and the Nigerian Communications Commission (NCC) have formalised a strategic alliance to tighten oversight across Nigeria’s fast-expanding digital and payment ecosystems.
The two regulators signed a Memorandum of Understanding (MoU) to enhance collaboration on payment system integrity, telecoms identity management, and consumer protection, signalling a coordinated regulatory approach to emerging risks in the digital space.
A statement issued Monday by the Head of Public Affairs at the NCC, Nnenna Ukoha, said the agreement coincided with the inauguration of two joint platforms: the Committee on Payment Systems and Consumer Protection, and the Committee on the Telecoms Identity Risk Management System (TIRMS) Portal.
Executive Vice Chairman/CEO of the NCC, Aminu Maida, said the MoU establishes a structured framework for cooperation in key areas, including fraud mitigation, digital inclusion, and protection of consumers as well as micro, small and medium-sized enterprises (MSMEs).
He noted that the partnership is designed to deliver practical outcomes that will strengthen trust, expand inclusion, and reinforce the resilience of Nigeria’s digital economy.
Maida described the agreement as a milestone in regulatory coordination, underscoring the importance of sustained collaboration in addressing cross-sector challenges within an increasingly interconnected ecosystem.
He recalled that previous joint interventions between both institutions particularly in resolving the USSD debt impasse demonstrated the value of coordinated action in restoring market confidence, preserving service continuity, and protecting stakeholders.
On his part, Governor of the CBN, Olayemi Cardoso, said the MoU would enhance alignment on approvals, technical standards, and innovation frameworks, including regulatory sandbox initiatives aimed at supporting market-driven solutions.Cardoso reaffirmed the apex bank’s commitment to working with the NCC to build a safer, more resilient, and inclusive digital financial system that supports productivity, protects consumers, and strengthens trust in Nigeria’s digital economy.
