The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have launched a new portal designed to help financial institutions track fraudulent and suspicious phone lines across the country.
The initiative, introduced alongside the signing of a Memorandum of Understanding (MoU) between both regulators, is aimed at improving transparency, strengthening consumer protection, and enhancing collaboration between the telecommunications and financial sectors.
Speaking at the event, Executive Vice Chairman of the NCC, Dr. Aminu Maida, said the agreement establishes a framework for cooperation in key areas such as payment system integrity, fraud prevention, digital inclusion, and consumer protection.
He noted that the growing role of mobile numbers in identity verification and financial access makes stronger coordination between the sectors necessary.
According to him, the Telecoms Identity Risk Management System (TIRMS) portal will give financial institutions real-time access to the status of phone numbers used in transactions.
“The portal aggregates data on churned or recycled lines and numbers flagged for suspicious activities. This means banks and other financial institutions can determine whether a line is active, swapped, disconnected, or reassigned to another subscriber,” he said.
He added that the system would significantly improve efforts to combat mobile-enabled fraud.
Maida also said the partnership would enhance consumer protection by enabling quicker resolution of issues such as failed airtime purchases and transaction disputes through coordinated regulatory action.
He further noted that the collaboration builds on previous joint efforts, including the resolution of the USSD debt impasse, which helped maintain service continuity across both sectors.
On his part, CBN Governor, Mr. Olayemi Cardoso, said the MoU would improve coordination on regulatory approvals, technical standards, and innovation, including sandbox testing.
He stated that the initiative aligns with the apex bank’s goal of promoting a secure, resilient, and inclusive financial system.
Cardoso added that two joint committees on Payment Systems and Consumer Protection, and on the TIRMS portal have been established to ensure continuous engagement and timely response to emerging risks.
He said the collaboration prioritises consumer safety while supporting innovation and economic growth.
