NCC, CBN to sign MoU to curb electronic banking fraud


The Nigerian Communications Commission, NCC, is set to sign a memorandum of understanding (MoU) on measures to curb electronic banking frauds through mobile phones and the internet.

The Head of Zonal Operations Department in the NCC, Mrs. Helen Obi, disclosed this on Tuesday during the consumer conversation at Abuja.

She said the collaboration between the two agencies became necessary due to the increase in online payment fraud and the need for both agencies to find a lasting solution to the trend.

She said; “As a result of online payment fraud going on in the system, there are a lot of collaborations which have become necessary between NCC and CBN. So both parties have recognized that fact and are making sure that customers and consumers in the banking and telecom sectors are not short-changed on data services and other related financial frauds.

“Along that line, we are discussing on common grounds to come up with a Memorandum of Understanding, MoU, that will guide the sectors as well as regulate banks and service providers.”

Obi said that apart from consumer engagements, NCC has introduced several platforms like telecom consumer parliament, consumer outreach and consumer town hall to reach out to telecom subscribers in order to hear from them and engage services providers on areas of concern.

“This programme is designed to have consumers at the grass-root come in and have direct contact conversation with the regulator so that they will know that the regulator feels their plight.

“Before now, the consumers can attest to the fact that the charges on network were higher but the new billing methods brought in by the service providers and packages and competition seems to have reduced the charges down.”