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The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have strengthened cross-sector collaboration with the launch of a joint framework aimed at tackling SIM-enabled fraud and safeguarding Nigeria’s digital economy.
At the centre of the initiative is the Telecoms Identity Risk Management System (TIRMS) Portal, a shared platform designed to enhance visibility into mobile number activity across the financial ecosystem. The system aggregates data on recycled (churned) phone numbers, SIM swaps, disconnected lines, and numbers flagged for suspicious activity.
By providing financial institutions with real-time insights into the status of mobile numbers—widely used for identity verification and transaction authentication—the platform is expected to significantly improve fraud detection and prevention capabilities.
Strengthening Digital Trust and Security
According to NCC leadership, the agreement establishes a structured framework for cooperation in key areas including payment system integrity, fraud mitigation, consumer protection, and digital inclusion.
The collaboration builds on a history of regulatory coordination between both institutions, including joint efforts to resolve industry challenges such as the USSD debt dispute. Officials say the new framework reflects a deeper alignment as mobile technology becomes increasingly central to financial services delivery.
The NCC emphasised that as phone numbers evolve into critical digital identity tools, stronger governance and inter-agency coordination are essential to maintaining system integrity and protecting users.
Enhancing Fraud Detection Through Data Integration
With the TIRMS Portal, banks and other financial service providers can now determine whether a phone number is active, recently reassigned, swapped, or flagged for fraud. This level of visibility is expected to reduce vulnerabilities associated with SIM recycling and identity-based fraud schemes.
Regulators say the system will equip the financial sector with timely, actionable data to combat electronic fraud, which has grown in scale and sophistication alongside digital financial adoption.
Joint Committees to Drive Implementation
In addition to the portal, both institutions inaugurated joint committees focused on telecom identity risk management and payment systems/consumer protection. These bodies will coordinate policy responses, oversee implementation, and ensure continuous engagement as new risks emerge.
CBN leadership noted that the partnership will also support innovation through improved regulatory coordination, including approvals, technical standards, and sandbox testing for new financial solutions.
Supporting a Resilient Digital Economy
The initiative is expected to strengthen consumer confidence by enabling faster resolution of service-related issues and improving safeguards across both telecom and financial services.
Both regulators reaffirmed their commitment to building a secure, inclusive, and resilient digital financial ecosystem—one that supports economic growth, protects consumers, and enhances trust in Nigeria’s rapidly evolving digital landscape.
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