CBN and NCC Sign MoU to Combat Electronic Fraud

On Monday, the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) signed a memorandum of understanding (MoU) in Abuja aimed at strengthening electronic payment platforms and improving data sharing mechanisms. CBN Governor Mr. Olayemi Cardoso stated that the MoU will enhance coordination, approve technical standards, and support market-led solutions to safeguard the financial system.

The agreement includes measures to strengthen authentication for higher-risk transactions and establish a fraud reporting channel. It will also implement a telecom identification risk management portal to prevent fraud linked to mobile number churn and swaps.

The MoU establishes two joint committees: the Joint Committee on Payment System Consumer Protection and the Joint Committee on Telecom Identification Risk Management System. Dr. Aminu Maida, NCC's Executive Vice Chairman, emphasized the importance of leveraging cross-sector innovation to deliver a safe and resilient digital ecosystem, particularly as mobile numbers increasingly underpin identity and financial access.