Telecoms Regulator and Central Bank Unveil Online Platform to Monitor Scam Phone Numbers

To combat the rising tide of electronic fraud and bolster consumer protection, the Nigerian Communications Commission and the Central Bank of Nigeria have jointly launched a portal that allows financial institutions to track down suspicious phone lines across the country, in a move that also saw the signing of a Memorandum of Understanding between the two regulators.

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This initiative is expected to bring about increased transparency, heightened confidence in digital transactions, and deeper collaboration between the telecommunications and financial services sectors, according to the terms of the agreement.

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Dr. Aminu Maida, Executive Vice Chairman of the NCC, noted that the agreement provides a framework for cooperation in critical areas such as payment system integrity, fraud mitigation, digital inclusion, and consumer protection, during the MoU signing event.

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He described the development as a significant milestone in regulatory coordination, emphasizing that the growing use of mobile numbers for identity and financial access necessitates stronger collaboration between the two sectors.

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The Telecoms Identity Risk Management System, TIRMS, portal will provide financial institutions with real-time visibility into the status of phone numbers used for transactions, according to Dr. Maida.

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The portal aggregates data on churned or recycled lines and numbers flagged for suspicious activities, enabling banks and other financial institutions to determine whether a line is active, swapped, disconnected, or reassigned to another subscriber.

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Dr. Maida added that the enhanced visibility will significantly strengthen efforts to combat fraud, particularly schemes driven through mobile channels, by providing financial institutions with timely information.

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The partnership will also have consumer protection benefits, as issues such as failed airtime recharges and transaction disputes will now receive faster resolution through coordinated regulatory action, according to Dr. Maida.

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He emphasized that the collaboration builds on past successes between the NCC and the CBN, including the resolution of the USSD debt impasse, which restored confidence and ensured service continuity across the sectors.

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Mr. Olayemi Cardoso, Governor of the CBN, said the MoU would strengthen coordination on regulatory approvals, technical standards, and innovation initiatives, including sandbox testing, in his remarks.

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He noted that the partnership aligns with the apex bank’s commitment to promoting a secure, resilient, and inclusive financial system, while also supporting innovation and national productivity.

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Cardoso added that the inauguration of two joint committees—on Payment Systems and Consumer Protection, and on the TIRMS portal—would ensure sustained engagement and proactive responses to emerging risks, with consumer safety at the forefront.

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He stressed that the collaboration places consumer safety at the forefront, while also supporting innovation and national productivity, in line with the CBN’s objectives.