CBN NCC SIM fraud partnership Nigeria launched to curb electronic fraud, improve consumer protection, and strengthen digital payment security in the country

The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have signed a new agreement aimed at curbing SIM-related fraud and strengthening consumer protection across Nigeria’s expanding digital economy.

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CBN–NCC Partnership on SIM Fraud in Nigeria initiative was formalised in Abuja on Monday and is designed to improve coordination between financial and telecommunications regulators in tackling electronic fraud linked to mobile numbers.

CBN Governor Olayemi Cardoso described the agreement as a strategic move to enhance the stability and integrity of the country’s payment systems while supporting innovation and consumer safety.

He said the framework would improve collaboration on approvals, technical standards, and innovation testing, including regulatory sandbox exercises for digital financial services.

A key feature of the partnership is the planned Telecom Identity Risk Management Portal, which will allow real-time verification of mobile numbers to detect fraud involving recycled, swapped, or blacklisted SIM cards.

NCC Executive Vice Chairman Aminu Maida said the initiative marks a major milestone in regulating Nigeria’s digital economy, stressing that closer collaboration between both institutions is essential in combating evolving fraud threats.

He added that the system would enhance visibility for banks and fintech companies while improving consumer experience by addressing issues such as failed transactions and delayed refunds.

The agreement also establishes joint committees to oversee implementation, focusing on payment systems oversight, consumer protection, and telecom risk management.

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Regulators say the partnership will deepen financial inclusion, reduce fraud risks, and strengthen public confidence in Nigeria’s growing digital financial ecosystem.