NCC and CBN Sign MoU to Enhance Consumer Safety

The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have signed a Memorandum of Understanding (MoU) to jointly safeguard consumers against fraud. This agreement will allow consumers to leverage the potential of both the telecommunications and financial sectors.

The MoU was signed during the inauguration of a joint committee focused on consumer protection in payment systems and the management of telecom-related risks. Dr.

Aminu Maida, the Executive Vice Chairman and Chief Executive Officer of NCC, described the MoU as a significant milestone in regulatory stewardship for Nigeria's digital economy. The agreement aims to provide a structured framework for cooperation in critical areas, including fraud mitigation and digital inclusion, particularly for micro, small, and medium-sized enterprises (MSMEs).

Nnenna Ukoha, Head of Public Affairs at NCC, noted that this partnership reflects a commitment to strengthen the financial system and enhance consumer protection in an increasingly interconnected ecosystem.