Telecom Identity Portal: CBN, NCC Partner To Flag Fraudulent Numbers

The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) on Monday formalised a comprehensive framework for regulatory collaboration by signing a Memorandum of Understanding (MoU) that deepens coordination across the country’s increasingly converged financial and telecommunication sectors.

The ceremony, held at the CBN headquarters in Abuja, was presided over by CBN Governor Olayemi Cardoso and NCC Executive Vice Chairman and Chief Executive Officer, Dr. Aminu Mada.

Both regulators described the agreement as a practical response to the rising complexity of Nigeria’s digital financial ecosystem and the sophistication of threats facing it.

Governor Cardoso described the accord as more than routine regulatory housekeeping, arguing that the resilience of each sector now determines the health of the other.

“When the communications sector is strong, the financial system is more inclusive and more efficient; and when the financial system is sound, investment and innovation in the digital economy can thrive. That is why this MoU is not merely an administrative document—it is a practical statement of national interest.”

He noted that while the two institutions had previously collaborated on matters such as short code governance for payment service providers and the resolution of USSD payment challenges, the pace of digital adoption demanded a more enduring and comprehensive arrangement.

The MoU covers payment system integrity and stability—including alignment on technical standards for instant payments, QR-based transactions, open banking, and API interoperability—alongside joint consumer protection measures, electronic fraud response, and sandbox testing protocols designed to encourage market-led innovation within a stable regulatory environment.

A centrepiece of the agreement is support for the Telecom Identity Risk Management Portal (TIRMP)—a secure, regulatory-backed data-sharing platform that will enable banks, fintechs, and other digital financial service providers to verify the status of mobile numbers in real time.

The portal is designed to flag churned, swapped, blacklisted, or reassigned numbers—closing a vulnerability that has been widely exploited in account takeover fraud.

Governor Cardoso stressed that the capability would be governed by strict data protection requirements, including encryption, consent protocols, and standard operating guidelines aligned with Nigeria’s data protection framework.

Dr. Mada said financial institutions will now gain the ability to determine in real time whether a line is active, swapped, disconnected due to inactivity and reassigned, or flagged for suspicious or fraudulent activity.

“This ensures that our financial services industry is better equipped with timely and relevant information to effectively combat e-fraud, particularly those perpetrated using phone numbers, in the country.”.

To operationalise the MoU’s commitments, both parties  agreed to establish two joint committees: the Joint Committee on Payment System and Consumer Protection, and the Joint Committee on TIRMP. The committees will coordinate implementation, resolve operational disputes between regulated entities, and report progress to both regulators.

Dr. Mada also invoked the two regulators’ joint resolution of the USSD debt impasse as proof that cross-sector regulatory coordination delivers results, describing it as an intervention that “restored confidence, preserved service continuity, and safeguarded the interests of consumers, telecom operators, and financial institutions alike.”

Dr. Mada further explained that the MoU would also address routine consumer grievances, citing airtime recharges that fail to deliver value as an example of cross-sector complaints that currently fall between regulatory jurisdictions.

“Under the new arrangement, such complaints should reach resolution “within the shortest possible time,” he said.

Addressing financial institutions, payment service providers, and mobile network operators, Governor Cardoso said the MoU was a deliberate signal that regulatory collaboration between the two bodies would be predictable and anchored in the public interest.

“We will continue to encourage innovation, but we will also insist on responsibility: robust infrastructure capacity, strong controls, responsive complaint handling, and full compliance with applicable laws and regulatory directives.”

Dr. Mada added that the agreement was within the NCC’s broader strategic priority of leveraging cross-sectoral innovation to deliver what he called “a safe, resilient, inclusive and trusted digital ecosystem,” adding that as mobile numbers increasingly underpin identity, authentication, and financial access, joint governance with the CBN had become essential.