CBN, NCC Unveil Platform to Track SIM Fraud

The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have shifted their approach towards real-time fraud detection by launching a new shared data initiative aimed at tackling financial crimes associated with SIM cards.

This initiative, formalized through an agreement signed in Abuja, introduces the Telecom Identity Risk Management Portal, a centralized system that will enable banks, fintech companies, and telecom operators to receive immediate insights into the status of mobile numbers used in financial transactions.

The portal is designed to identify high-risk numbers, including those that have been recently swapped, recycled, or flagged on blacklists. This capability allows service providers to prevent suspicious transactions before any fraud occurs.

CBN Governor Olayemi Cardoso emphasized that this initiative represents a significant shift toward proactive fraud prevention, asserting the importance of evolving the financial system to keep pace with 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.