Nigeria’s push toward a safer and more reliable digital economy received a boost on Monday, as the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) formalised a new partnership aimed at tightening electronic payment systems and improving how critical data is shared.
The agreement, sealed in Abuja, sets the stage for closer coordination between both regulators, particularly in areas that directly affect how Nigerians transact digitally from security checks to innovation in financial technology.
Speaking at the signing, CBN Governor, Mr. Olayemi Cardoso, explained that the collaboration will streamline processes around approvals, technical standards, and emerging financial solutions.
A key part of the plan includes sandbox testing, allowing new ideas to be tested in a controlled environment without exposing the system to unnecessary risks.
Beyond innovation, the partnership places strong emphasis on security. Cardoso noted that new measures will focus on strengthening authentication for high-risk transactions, improving transaction monitoring, and ensuring fraud reporting systems actually work when needed.
There will also be a coordinated effort to educate consumers especially small business owners and underserved groups who are often the most vulnerable to digital fraud.
At the centre of this initiative is the rollout of the Telecom Identity Risk Management Portal (TIRMP), a platform designed to tackle fraud linked to mobile numbers.
The system will allow banks, fintech companies, and other digital service providers to verify the status of phone numbers in real time whether a line has been swapped, recycled, disconnected, or flagged for suspicious activity.
According to Cardoso, this layer of verification could significantly reduce fraud risks across the financial system. He added that strict guidelines will govern how the platform is used, with full compliance expected under Nigeria’s data protection laws, including safeguards such as encryption and user consent protocols.
To ensure the partnership delivers results, both institutions have also set up two joint committees. One will focus on payment systems and consumer protection, while the other will oversee the Telecom Identity Risk Management System.
These groups are expected to address operational challenges, recommend improvements, and track progress over time.
On his part, NCC Executive Vice-Chairman, Dr. Aminu Maida, described the agreement as a critical step toward building a more secure and inclusive digital environment.
He noted that as mobile numbers increasingly serve as a gateway to identity and financial access, stronger collaboration between regulators is no longer optional.
He pointed out that the growing sophistication of electronic fraud poses real threats to Nigeria’s digital economy, making preventive measures essential.
With the new system in place, financial institutions will gain clearer visibility into mobile number activity an important tool in detecting and stopping fraudulent transactions before they occur.
Ultimately, the partnership reflects a broader effort to balance innovation with accountability, ensuring that as Nigeria’s digital landscape expands, users can engage with it more confidently and securely.
