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.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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