Flutterwave Partners with EFCC to Establish Cutting-Edge Cybercrime Research Centre
In a groundbreaking move to combat internet crime and bolster the security of online transactions, Flutterwave, a leading African payment technology company, has joined forces with Nigeria’s Economic and Financial Crimes Commission (EFCC) to establish a state-of-the-art Cybercrime Research Centre. This historic partnership, formalized through signing a Memorandum of Understanding (MoU) on June 14, 2024, in Abuja, aims to provide a sustainable lifeline to youths nationwide while intensifying the fight against financial crimes.
The momentous event witnessed the presence of key figures, including EFCC Executive Chairman Ola Olukoyede, Flutterwave Founder and CEO Olugbenga ‘GB’ Agboola, Chief Compliance Officer Mobolaji Bammeke, and Director of the American Federal Bureau of Investigations (FBI) Christopher Gray, among other senior officials from both the EFCC and the FBI. The MoU was signed by EFCC Secretary Mohammadu Hammajoda and Flutterwave’s CEO Olugbenga Agboola.
Expressing his commitment to the initiative, Agboola emphasized Flutterwave’s dedication to promoting secure and safe transactions while creating a fraud-free financial ecosystem. He commended the EFCC’s tireless efforts in combating internet fraud and other illicit activities within the financial sector.
In turn, Olukoyede praised the partnership, acknowledging Flutterwave’s impressive strides and expansive reach across Africa. He noted that this collaboration marks a significant step forward in the EFCC’s mission to fight financial crimes and ensure a secure financial landscape for Nigerians. Olukoyede expressed confidence that the Cybercrime Research Centre will substantially enhance the Commission’s capabilities in preventing, detecting, and prosecuting financial crimes.
The Cybercrime Research Centre, set to be established at the new EFCC Academy, will serve as a hub for advanced research, training, and capacity building in the battle against financial crimes. The center will focus on several key areas, including advanced fraud detection and prevention, collaborative research and policy development, youth empowerment and capacity building, technological advancement, and resource enablement.
The center aims to detect and prevent financial fraud by developing and implementing cutting-edge technologies. It will provide comprehensive training for law enforcement and industry professionals, equipping them with the necessary skills to combat modern financial crimes. Additionally, the center will engage in joint research initiatives and policy formulation to enhance the understanding and regulation of economic crime, fostering a platform for exchanging ideas and best practices between the public and private sectors.
One of the center’s primary objectives is to empower and uplift the youth by providing 500 individuals with high-end training and research opportunities, equipping them with the skills needed to thrive in the digital economy. Moreover, the center will create a repository of advanced tools, technologies, and resources to support financial crime investigations, including protocols for addressing emerging threats such as cryptocurrency-related crimes.
As the payments ecosystem continues to evolve, the prevalence of financial fraud poses a significant challenge, threatening the stability and trust in economic systems. The partnership between Flutterwave and the EFCC is a shining example of how public-private collaboration can effectively address these issues, paving the way for a more secure and prosperous economy in Nigeria and across Africa.
With the establishment of the Cybercrime Research Centre, Flutterwave and the EFCC are taking a proactive stance in the fight against internet crime, demonstrating their unwavering commitment to safeguarding transactions and fostering a secure financial environment for all.