Nigeria has stepped up efforts to combat electronic fraud with the launch of the Telecom Identity Risk Management Portal, a system aimed at curbing SIM-swap scams and identity-related financial crimes.
The platform serves as a secure data-sharing interface between the Central Bank of Nigeria and the Nigerian Communications Commission.
The initiative was formalised through a Memorandum of Understanding signed on Monday by both regulators, marking a significant move toward tightening coordination between the financial and telecommunications sectors.
TIRMP operates as a real-time verification tool, enabling banks and fintech companies to monitor the status of mobile numbers throughout their lifecycle. The system provides immediate insight into whether a number has been swapped, disconnected, or reassigned, helping institutions detect and prevent fraudulent activities.
Speaking on the development, Central Bank Governor Olayemi Cardoso described the collaboration as critical to supporting Nigeria’s evolving financial ecosystem, particularly as instant payments, QR-based transactions, and open banking continue to expand. He explained that joint committees established under the agreement would ensure structured coordination, address operational challenges, and protect the integrity of the payment system.
“This MoU is not merely an administrative document—it is a practical statement of national interest,” Cardoso stated. He observed that when the communications sector is resilient, the financial system becomes more inclusive and efficient, creating an environment where digital innovation can thrive.
Cardoso also indicated that stricter and more coordinated regulatory oversight would now apply to banks, telecom operators, and payment service providers. While reiterating support for innovation, he stressed the need for robust infrastructure and efficient complaint resolution mechanisms to build public confidence in the digital economy.
He further noted that Nigeria’s modern economy increasingly depends on digital platforms, with financial system stability closely tied to reliable telecommunications networks and secure data exchange. According to him, the growing complexity of the digital landscape requires forward-thinking frameworks beyond traditional administrative measures.
A key component of the agreement is the deployment of TIRMP itself, which allows financial institutions to instantly verify mobile number status and block fraud attempts linked to SIM swaps or recycled and blacklisted numbers.
Cardoso added that the system introduces an important layer of protection for consumers and the financial sector while adhering strictly to national data protection regulations.
Also commenting, Executive Vice Chairman and Chief Executive Officer of the NCC, Dr. Aminu Maida, said the platform offers crucial transparency for financial service providers. He explained that institutions can now confirm whether a number is active and identify suspicious lines before transactions are processed.
“The Financial Services Industry will now have enhanced visibility into the status of phone numbers, one of the most widely utilized resources in the sector,” Maida said. He added that the collaboration ensures that innovation in mobile-enabled finance is matched with strong governance and system stability.
To sustain the initiative, both agencies have set up two permanent joint committees—the Joint Committee on TIRMP and the Joint Committee on Payment System and Consumer Protection—to drive implementation and ensure tangible results.
The partnership is also expected to improve dispute resolution for consumers. Maida noted that issues such as unsuccessful airtime recharges would now be addressed more quickly, reflecting a broader commitment to protecting vulnerable users and small businesses that face higher exposure to digital risks.
