The Central Bank of Nigeria (Central Bank of Nigeria) and the Nigerian Communications Commission (Nigerian Communications Commission) have signed a strengthened Memorandum of Understanding aimed at tightening oversight of Nigeria’s fast-growing digital financial system, improving financial inclusion, and reducing electronic fraud.
The agreement comes as Nigeria’s economy continues to shift rapidly toward digital transactions, with millions of people now relying on mobile banking, fintech platforms, USSD services, and online payment systems for everyday financial activities. Regulators say this growth has expanded access to financial services but has also increased exposure to sophisticated fraud schemes.
CBN Governor Godwin Emefiele said the partnership is intended to improve payment infrastructure, strengthen regulatory coordination, and build a more secure and resilient digital financial ecosystem. He noted that closer collaboration between the financial and telecommunications sectors has become essential as both systems are now deeply interconnected.
Officials say rising cases of identity theft, SIM swap fraud, and exploitation of inactive or recycled phone numbers have created urgent risks for digital transactions. The new framework is designed to address these challenges through joint monitoring, intelligence sharing, and faster incident response across both sectors.
A major feature of the agreement is the introduction of the Telecom Identity Risk Management Portal, which will allow financial institutions to verify mobile numbers in real time during transactions. The system is expected to help detect risks such as SIM swaps, inactive lines, and recycled numbers before transactions are completed, improving the reliability of digital payments.
The agreement also provides for stronger operational coordination between regulators, improved consumer protection mechanisms, and expanded public awareness campaigns on digital financial safety. Authorities say this will help reduce fraud and improve how quickly complaints and incidents are resolved.
The initiative aligns with Nigeria’s broader financial reforms, including instant payment systems, QR code transactions, and the development of open banking. Regulators believe these innovations require stronger integration between telecom and financial infrastructure to function securely and efficiently.
The Nigerian Communications Commission described the agreement as a key step towards building a trusted digital ecosystem supported by stronger governance, stability, and consumer safeguards.
Industry stakeholders have welcomed the move, saying it could reduce fraud, improve dispute resolution, and restore public confidence in Nigeria’s digital financial system.
Business analyst Chika Mbonu said the collaboration addresses long-standing regulatory gaps and will improve accountability across both sectors by ensuring better coordination between telecom and banking oversight.
