🇳🇬NigeriaWest Africa
CBN and NCC sign MoU to combat SIM-related fraud and enhance consumer protection
via Punch Nigeria3 min read
The Central Bank of Nigeria CBN and the Nigerian Communications Commission NCC have signed a Memorandum of Understanding MoU to address SIM-related fraud and strengthen consumer protection within Nigeria's digital ecosystem. The agreement, signed in Abuja, aims to improve coordination between the financial and telecommunications sectors, focusing on combating electronic fraud linked to mobile numbers and enhancing payment system integrity. CBN Governor Olayemi Cardoso stated that the MoU is a "practical statement of national interest," emphasizing the need for stronger collaboration due to increasing reliance on digital channels for payments. He noted that the agreement would reinforce the stability and integrity of Nigeria’s payment system, support innovation, and ensure consumer safety. The deal will also strengthen coordination on approvals, technical standards, and innovation trials, including sandbox testing. A key component is the rollout of the Telecom Identity Risk Management Portal, a data-sharing platform designed to detect fraud linked to recycled, swapped, or blacklisted phone numbers. This platform will enable real-time verification of mobile number status across banks and fintech firms, with strict adherence to data protection laws. NCC Executive Vice Chairman Aminu Maida described the agreement as a significant step in strengthening Nigeria’s digital economy, highlighting that it will provide financial institutions with better visibility into the status of phon
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This summary was AI-generated from a story originally published by Punch Nigeria.
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