The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) are tightening collaboration to protect the country’s financial ecosystem against sophisticated cyber threats and cross-border fraud.

Speaking on Monday at the official unveiling of the CBN’s Payments System Vision 2028 (PSV 2028), NCC Executive Vice Chairman, Aminu Maida, described the initiative as a vital strategic roadmap for the nation’s digital payment architecture.

Maida commended the Apex bank for building upon the successes of the previous PSV 2025 framework, noting that the updated strategy introduces a far more secure, resilient, and inclusive environment for commerce.

Security and Trust as Economic Pillars
According to Maida, building consumer trust, strengthening cybersecurity, and fostering ecosystem growth are foundational to realizing President Bola Tinubu’s macroeconomic goal of a $1 trillion national economy.

He noted that ongoing economic and telecommunications reforms have already yielded greater market stability, unlocking new pathways for digital transformation.

However, the NCC boss issued a stark warning regarding the evolving nature of digital crime, pointing out that modern fraud has grown highly sophisticated, easily cutting across different corporate sectors and national borders.

“No single regulator or government agency can tackle these emerging cyber threats alone,” Maida emphasised, stressing that deep inter-agency cooperation is now a non-negotiable requirement to protect payment systems and sustain economic growth.

Infrastructure Expansion for Inclusion
To support the CBN’s financial inclusion goals, Maida disclosed that the NCC is aggressively expanding the country’s broadband backbone.

Current initiatives include:

Nationwide Fiber Projects: Accelerating ongoing fiber-optic connectivity deployments to eliminate blind spots.

Affordable Access: Implementing targeted measures to lower the cost of internet access, specifically focusing on underserved and rural communities.

Next-Gen Connectivity: Scaling up 4G and 5G network coverage to provide the high-speed infrastructure necessary to power seamless digital transactions.

The NCC boss urged financial stakeholders and fintech innovators to shift their focus from mere transaction volumes to measurable economic impact.

He maintained that the ultimate metric of success for any payment system reform must be its direct contribution to national productivity and overall economic development.