CBN and NCC Sign MoU to Enhance Digital Consumer Protection

On a recent date, the Central Bank of Nigeria (CBN), represented by Governor Mr. Olayemi Cardoso, and the Nigerian Communications Commission (NCC), led by Executive Vice Chairman Aminu Maida, formalized a Memorandum of Understanding (MoU) in Abuja.

This agreement aims to deliver a safer and more resilient digital financial system, focusing on consumer protection and strengthening trust in Nigeria's digital economy. The MoU emphasizes the need for a comprehensive framework to address emerging issues in the complex digital financial ecosystem, including electronic fraud and the verification of mobile number statuses in real-time.

The agreement also establishes a joint committee to manage risks and improve operational coordination among regulatory entities. Cardoso highlighted that the MoU is not merely an administrative document but a practical commitment to national interest, ensuring compliance with data protection laws and enhancing the overall stability of Nigeria's payment systems.