The Central Bank of Nigeria, CBN, and the Nigerian Communications Commission, NCC, on Monday, signed a Memorandum of Understanding to curb SIM swap fraud by sharing telecom and banking data in real time.
The pact gives banks instant visibility into the status of phone numbers — whether swapped, recycled, or blacklisted — to stop criminals from hijacking one-time passwords and draining accounts, officials said at the signing in Abuja.
“This represents an important milestone in the regulatory stewardship of Nigeria’s digital economy. Collaboration between our institutions is not optional; it is imperative,” NCC Executive Vice Chairman Aminu Maida said.
CBN Governor Olayemi Cardoso called the MoU “a practical statement of national interest” aimed at protecting payment system stability as mobile-linked transactions surge.
SIM swap fraud has grown as phone numbers become the primary key to bank accounts and digital wallets. Attackers trick or bribe telecom agents to reissue a victim’s number to a new SIM, then intercept OTPs to bypass security and move funds.
A central feature of the agreement is a new Telecom Identity Risk Management Portal. The platform will let financial institutions query SIM status before approving transactions tied to mobile numbers. It will flag recent swaps, recycled lines, and numbers on fraud watchlists.
The MoU also commits both regulators to deepen real-time information sharing, tighten identity checks for SIM registration, and align policies covering telecom and financial services.
To implement the deal, CBN and NCC will set up two joint committees: one on Payment Systems and Consumer Protection, and another to run the telecom risk platform.
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CBN Director of Payment System Supervision Rakiya Yusuf said the move shifts regulators from “parallel oversight to a more integrated framework.” She cited past joint work including the 2018 MoU that brought telcos into mobile money, settlement of the USSD pricing dispute, and a proposed 30-second failed transaction refund system.
Maida added that the framework should also cut failed airtime recharges and improve complaint resolution by linking telecom and bank data.
Industry analysts said the agreement could reduce fraud losses, expand safe fintech use, and raise public trust in digital payments if enforcement matches the plan.
The MoU was signed at the CBN head office in Abuja on Monday, April 20, 2026.
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