CBN and NCC Unite to Combat SIM-Related Fraud

On a significant date, the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) signed a memorandum of understanding at the CBN headquarters in Abuja. This agreement aims to tackle SIM-related fraud and strengthen consumer protection across Nigeria's digital ecosystem.

CBN Governor Olayemi Cardoso emphasized the need for improved coordination between the financial and telecommunications sectors to combat electronic fraud linked to mobile numbers. The pact includes the establishment of joint committees to oversee the implementation of strategies, including a telecom risk management platform and a consumer protection framework.

The agreement also aims to enhance real-time verification of mobile number statuses across banks and fintech firms, ensuring compliance with data protection laws. NCC Vice Chairman Aminu Maida described the agreement as a major step in strengthening Nigeria's digital economy, providing financial institutions with better visibility regarding phone number usage in transactions.

The partnership is expected to reduce fraud risks and enhance trust in Nigeria's rapidly expanding digital economy.