The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have launched a tech portal to combat financial fraud, Peak Newspaper reports
The Telecom Identity Risk Management System (TIRMS) Portal aims to track recycled phone numbers and prevent fraud linked to SIM card reassignment.
This initiative is part of the CBN’s broader effort to tighten fraud oversight across the financial system, as digital banking adoption accelerates.
The portal will collect and share data on churned mobile numbers and numbers flagged for fraudulent activities, making it accessible to key stakeholders, including the CBN, Securities and Exchange Commission, and security agencies.
The CBN has also mandated banks and fintechs to deploy anti-money laundering tools that detect suspicious transactions in real-time, with financial institutions expected to achieve full compliance within 18-24 months.
This move is expected to improve the speed and accuracy of detecting suspicious financial activities, reducing the risks of money laundering and terrorism financing.
The launch of the TIRMS Portal and the deployment of anti-money laundering tools demonstrate the CBN’s commitment to strengthening Nigeria’s financial system against fraud.
