CBN, NCC Unveil Platform To Track SIM Fraud

The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have shifted focus from policy alignment to real time fraud detection with the launch of a shared data initiative aimed at curbing SIM related financial crimes.

At the heart of the new agreement, signed Monday in Abuja, is the proposed Telecom Identity Risk Management Portal a centralised system designed to give banks, fintechs, and telecom operators instant visibility into the status of mobile numbers used in financial transactions.

The platform will flag high-risk numbers, including those recently swapped, recycled, or blacklisted, allowing service providers to block suspicious transactions before fraud occurs.

CBN Governor Olayemi Cardoso described the initiative as a decisive move toward proactive fraud prevention rather than reactive enforcement, noting that the financial system must evolve alongside increasingly sophisticated digital threats.

“This is about staying ahead of the curve,” Cardoso said, emphasising that real-time data sharing would significantly reduce vulnerabilities exploited by fraudsters.

On its part, NCC Executive Vice Chairman, Aminu Maida said the integration would close longstanding gaps between telecom and financial systems, particularly in verifying the authenticity of phone numbers linked to transactions.

The portal could be a game changer in tackling fraud schemes that rely on SIM swaps or recycled numbers issues that have led to rising consumer complaints and financial losses in recent years.

Beyond fraud prevention, the agreement is also expected to improve dispute resolution. With clearer data trails, cases involving failed airtime or data purchases where customers are charged without receiving service can be resolved faster under a unified framework.

The partnership introduces joint oversight committees to coordinate implementation and ensure compliance with data protection standards, including encryption and user consent protocols.

The move signals a broader regulatory shift toward tighter integration of Nigeria’s digital infrastructure, as authorities seek to build trust in electronic payments and expand financial inclusion.

With mobile numbers increasingly serving as the gateway to banking and digital services, the success of the initiative may hinge on how effectively both sectors can maintain accurate, secure, and up-to-date subscriber data.