The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have launched a joint portal to help financial institutions track fraudulent and suspicious phone lines, in a move aimed at tackling rising electronic fraud.

The initiative, unveiled alongside a Memorandum of Understanding (MoU) between both regulators, is expected to strengthen collaboration between the telecom and financial sectors while improving consumer protection.

Speaking at the signing ceremony, NCC Executive Vice Chairman, Dr. Aminu Maida, said the agreement establishes a framework for cooperation in key areas including fraud mitigation, payment system integrity, and digital inclusion.

He noted that with mobile numbers increasingly serving as identifiers for financial transactions, closer coordination between both sectors has become critical.

According to him, the Telecoms Identity Risk Management System (TIRMS) portal will give banks and other financial institutions real-time insight into the status of phone lines used in transactions.

“The portal aggregates data on churned or recycled lines and numbers flagged for suspicious activities. This enables institutions to determine whether a line is active, swapped, disconnected, or reassigned,” Maida said.

He added that the system would significantly enhance efforts to detect and prevent fraud, particularly those carried out through mobile channels.

Maida also highlighted consumer protection benefits, noting that issues such as failed airtime purchases and transaction disputes would now be resolved faster through coordinated regulatory action.

CBN Governor, Olayemi Cardoso, said the partnership would improve regulatory coordination on approvals, technical standards, and innovation, including sandbox testing.

He disclosed that two joint committees—on Payment Systems and Consumer Protection, and on the TIRMS portal—have been established to ensure sustained collaboration and proactive response to emerging risks.

Cardoso said the initiative reinforces the apex bank’s commitment to building a secure, resilient, and inclusive financial system, while supporting innovation and boosting public confidence in digital transactions.