CBN and NCC Sign MoU to Fight Electronic Fraud

Nigeria's Central Bank (CBN) and the Nigerian Communications Commission (NCC) signed a Memorandum of Understanding on Monday in Abuja to combat electronic fraud linked to mobile numbers and enhance consumer protection in the country's expanding digital economy.

The agreement establishes a framework for real-time data sharing between financial institutions and telecom operators, targeting vulnerabilities such as SIM swaps, recycled phone numbers, and flagged suspicious activities. At its core is the Telecom Identity Risk Management System (TIRMS) Portal, which will allow banks and fintech firms to verify the status of mobile numbers involved in transactions before processing payments. This addresses a key gap in Nigeria's digital payments system, where mobile identities underpin authentication and access to financial services.

The move comes amid rising fraud losses in the financial sector. Industry data from the Nigerian Interbank Settlement System indicates reported fraud jumped from 17.67 billion naira in 2023 to 52.26 billion naira in 2024, with many incidents exploiting telecom weaknesses like compromised phone numbers to hijack accounts. Officials from both regulators...