NCC and CBN Sign MoU for Consumer Fraud Protection

On [date not specified], the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) signed a Memorandum of Understanding (MoU) aimed at safeguarding consumers against fraud and leveraging opportunities within the telecommunications and financial sectors. The MoU establishes a framework for cooperation in critical areas, including payment systems, fraud mitigation, and digital inclusion, specifically targeting the protection of micro, small, and medium-sized enterprises.

Dr. Aminu Maida, the Executive Vice Chairman and Chief Executive Officer of NCC, described the signing of the MoU as a significant milestone in regulatory stewardship for Nigeria's digital economy, reflecting a shared commitment to strengthen the financial system and enhance consumer trust.

CBN Governor Mr. Olayemi Cardoso emphasized the importance of coordinated approaches to technical standards and innovative trials, including sandbox testing to support market-led solutions.

The CBN remains committed to delivering a safer and more resilient digital financial system for the Nigerian populace.