The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have launched a new portal 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 curbing rising electronic fraud, improving transparency, and strengthening consumer confidence in digital transactions.
Speaking at the event, NCC Executive Vice Chairman, Aminu Maida, said the agreement establishes a structured framework for collaboration in key areas such as payment system integrity, fraud prevention, digital inclusion, and consumer protection.
He described the move as a significant milestone, noting that the growing use of mobile numbers as tools for identity and financial access makes closer cooperation between the telecom and financial sectors essential.
According to Maida, the Telecoms Identity Risk Management System (TIRMS) portal will give financial institutions real-time visibility into the status of phone numbers used for transactions.
“The portal aggregates data on churned or recycled lines and numbers flagged for suspicious activities. This enables banks to determine whether a line is active, swapped, disconnected, or reassigned,” he explained.
He added that the system would strengthen efforts to combat fraud, especially schemes carried out through mobile channels.
Maida also highlighted benefits for consumers, noting that issues such as failed airtime recharges and transaction disputes would now be resolved more quickly through coordinated regulatory action.
On his part, CBN Governor, Olayemi Cardoso, said the partnership would enhance coordination on regulatory approvals, technical standards, and innovation initiatives, including sandbox testing.
He noted that the collaboration aligns with the apex bank’s commitment to building a secure, resilient, and inclusive financial system.
Cardoso added that the creation of joint committees on Payment Systems, Consumer Protection, and the TIRMS portal would ensure continuous engagement and proactive responses to emerging risks, while placing consumer safety at the forefront.
