Nigerian Banks Will Now Verify Fraud-Linked Mobile Numbers Under New CBN–NCC Agreement

Why It Matters

By closing the identity gap in mobile‑based payments, the framework aims to curb costly SIM‑swap fraud and boost confidence in Nigeria’s digital economy. It also sets a precedent for regulator‑driven data sharing that could shape fintech security across Africa.

Key Takeaways

• CBN, NCC launch TIRMS for real‑time mobile number verification.
• Fraud losses rose to ₦52.26bn ($37.9m) in 2024.
• Fraud fell 51% to ₦25.85bn ($18.7m) in 2025.
• Joint committees will monitor payment and telecom identity risks.
• Initiative targets SIM‑swap and recycled number scams.

Pulse Analysis

Nigeria’s digital payments have outpaced traditional banking, but the rapid adoption of mobile wallets and USSD transfers has also created a fertile ground for identity‑based fraud. SIM‑swap attacks, recycled numbers and compromised phone lines have allowed criminals to bypass two‑factor authentication, siphoning billions of naira each year. According to the Nigerian Interbank Settlement Systems, fraud losses surged from ₦17.67bn ($12.8m) in 2023 to ₦52.26bn ($37.9m) in 2024, prompting regulators to seek a more proactive defense.

The newly signed MoU introduces the Telecom Identity Risk Management System, a real‑time data‑sharing platform that connects banks directly to the NCC’s telecom database. When a transaction is initiated, the system instantly checks whether the associated mobile number has been swapped, flagged for suspicious activity, or deactivated, allowing the bank to reject high‑risk payments before they settle. Two joint committees—one for payment systems and consumer protection, another for telecom identity risk—will oversee implementation, resolve operational issues, and report on fraud‑reduction metrics.

Beyond curbing immediate losses, the partnership signals a shift toward collaborative regulation in Africa’s fintech landscape. By aligning telecom and banking oversight, the CBN and NCC aim to strengthen consumer trust, support the rollout of instant‑payment and QR‑code solutions, and lay groundwork for open‑banking standards. The framework also includes faster dispute resolution for cross‑sector complaints such as failed airtime purchases, reinforcing a more resilient payments ecosystem that could serve as a model for other emerging markets.