The Central Bank of Nigeria (CBN) has called for stronger collaboration between banks and telecommunications companies to tackle financial fraud and improve the security of electronic transactions across the country.

The move comes amid growing concerns over fraud involving mobile phone numbers, SIM swaps and unauthorised access to bank accounts, as more Nigerians rely on digital platforms for financial services.

The collaboration is expected to strengthen information sharing between financial institutions and telecom operators, allowing them to identify suspicious activities more effectively and respond to emerging threats.

A key area of concern is the misuse of mobile numbers linked to banking services. Fraudsters can exploit SIM replacement, recycled phone numbers and compromised telephone lines to gain access to victims’ accounts and bypass security measures.

Under the joint approach, relevant information from telecommunications networks could help financial institutions verify the status of phone numbers used for transactions and identify potential fraud risks before losses occur.

The initiative also highlights the importance of coordination between regulators and industry stakeholders in strengthening consumer protection and maintaining confidence in Nigeria’s digital payment system.

The CBN and the Nigerian Communications Commission have previously established a framework for cooperation on SIM-related fraud, payment security and consumer protection. The arrangement includes plans for improved data sharing and joint committees to coordinate implementation.

The partnership is also expected to support more effective fraud detection, improve accountability among service providers and reduce the risks associated with electronic payments.

As digital banking and mobile transactions continue to expand, stronger cooperation between banks and telecom operators is considered essential to closing security gaps and protecting customers from increasingly sophisticated financial crimes.

Consumers, meanwhile, are advised to protect their banking details, avoid sharing personal identification numbers and verification codes, and promptly report suspicious transactions or unexpected changes to their mobile phone services.