CBN, NCC sign MoU to combat SIM-related fraud

The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) on Monday signed a memorandum of understanding to tackle SIM-related fraud and strengthen consumer protection across Nigeria’s digital ecosystem.

The agreement, signed at the CBN headquarters in Abuja, aims to improve coordination between the financial and telecommunications sectors, focusing on combating electronic fraud linked to mobile numbers, enhancing payment system integrity, and protecting consumers.

Speaking at the event, the CBN Governor, Olayemi Cardoso, said the pact was a “practical statement of national interest,” noting that the increasing reliance on digital channels for payments and financial services required stronger collaboration between both regulators.

He said, “This MoU is not merely an administrative document—it is a practical statement of national interest,” adding that the agreement would reinforce the stability and integrity of Nigeria’s payment system while supporting innovation and consumer safety.

Cardoso explained that the deal would strengthen coordination on approvals, technical standards, and innovation trials, including sandbox testing, to ensure that financial services remain reliable and scalable.

He noted that the partnership would also improve the response to rising electronic fraud, stressing that “addressing these threats requires joined-up action—shared intelligence, clearer escalation paths, stronger operational readiness across regulated entities, and consistent public education.”