Banks gain real-time tool as NCC, CBN move to curb digital fraud

In a major step to tackle rising electronic fraud and enhance consumer protection, the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have unveiled a new portal that allows financial institutions to track fraudulent and suspicious phone lines nationwide.

The initiative, introduced alongside the signing of a Memorandum of Understanding (MoU) between the two regulators, is expected to boost transparency in digital transactions and deepen collaboration between the telecommunications and financial sectors.

Speaking at the event, NCC Executive Vice Chairman, Aminu Maida, said the agreement establishes a structured framework for cooperation in key areas such as payment system integrity, fraud prevention, digital inclusion, and consumer protection.

He described the development as a milestone in regulatory coordination, noting that the growing use of mobile numbers for identity verification and financial transactions makes stronger synergy between both sectors essential.

Maida explained that the Telecoms Identity Risk Management System (TIRMS) portal provides real-time insights into the status of phone numbers used in financial activities.

“The platform aggregates data on recycled or churned lines, as well as numbers flagged for suspicious activity. This enables banks and other financial institutions to verify whether a line is active, swapped, disconnected, or reassigned,” he said.

He added that the system would significantly enhance efforts to combat fraud, particularly schemes carried out through mobile channels.

The NCC boss also highlighted consumer protection benefits, noting that issues such as failed airtime recharges and transaction disputes would now be resolved more quickly through coordinated regulatory action.

He further noted that the collaboration builds on previous successes between both institutions, including the resolution of the USSD debt impasse, which helped restore confidence and ensure service continuity.

On his part, CBN Governor, Olayemi Cardoso, said the MoU would strengthen cooperation on regulatory approvals, technical standards, and innovation, including sandbox testing.

According to him, the partnership aligns with the apex bank’s goal of fostering a secure, resilient, and inclusive financial system.

Cardoso also announced the establishment of two joint committees—one on Payment Systems and Consumer Protection, and another dedicated to the TIRMS portal—to ensure sustained collaboration and proactive responses to emerging risks.

He stressed that the initiative prioritises consumer safety while supporting innovation and driving national productivity.