LA SUITE APRÈS LA PUBLICITÉ

The Nigerian Communications Commission – NCC and the Central Bank of Nigeria – CBN have formalized a landmark partnership through a Memorandum of Understanding – MoU aimed at bolstering consumer protection and mitigating fraud.

This strategic collaboration was marked by the inauguration of two key bodies: the Joint Committee on payment systems and consumer protection and the Joint Committee on the Telecoms Identity Risk Management System – TIRMS Portal.

By aligning their regulatory frameworks, both institutions seek to create a safer environment for Nigerians to engage with the increasingly interconnected telecommunications and financial sectors.

Dr. Aminu Maida, the Executive Vice Chairman of the NCC, emphasized that the MoU establishes a structured framework for cooperation in vital areas such as payment system integrity and digital inclusion. He noted that the agreement is designed to produce practical outcomes that strengthen public trust and support the resilience of the digital economy.

Specifically, the partnership aims to protect vulnerable segments, including individuals and micro, small, and medium-sized enterprises – MSMEs, ensuring they can leverage digital potential without falling victim to evolving cyber threats.

From the financial perspective, CBN Governor Mr. Olayemi Cardoso highlighted that the agreement will streamline coordination on technical standards and innovation trials. A significant component of this collaboration involves sandbox testing, which allows for the development of market-led solutions in a controlled environment to ensure they do not compromise systemic stability.

The unified approach to “regulatory stewardship” is expected to accelerate the deployment of secure financial technologies while maintaining a firm grip on risk management.

Ultimately, the synergy between the NCC and CBN represents a commitment to national productivity and financial system stability. By integrating telecommunications data with financial oversight, the agencies aim to build a more inclusive digital financial system.

As both leaders affirmed, the goal is to foster a secure ecosystem where innovation can thrive, consumers are shielded from exploitation, and the integrity of Nigeria’s digital economy remains unassailable.