The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have signed a memorandum of understanding to strengthen electronic payment platforms and improve data sharing mechanisms between both parties.
Speaking during the signing ceremony in Abuja on Monday, the Central Bank governor, Mr. Olayemi Cardoso stated that through the MoU, both parties will strengthen coordination on approvals, technical standards, and innovation trials, including sandbox testing that supports market-led solutions while safeguarding stability.
He said, “Under this MoU, we will support measures such as strengthened authentication for higher-risk transactions, effective transaction monitoring, functional fraud reporting channels, and a harmonised consumer sensitisation programme–particularly for underserved segments and MSMEs who are often most exposed to these risks.
“Also, the MoU supports the implementation of the Telecom Identity Risk Management Portal (TIRMP)–a secure, regulatory-backed data-sharing platform designed to help prevent fraud linked to churned, swapped, or blacklisted mobile numbers.
“The ability to verify mobile number status in real time across banks, fintechs, and other digital platforms is a critical layer of protection for consumers and for the financial system. Importantly, we will ensure that the use of this capability is governed by clear standard operating guidelines and strict compliance with Nigeria’s data protection requirements, including appropriate safeguards, encryption, and consent protocols.”
