In a groundbreaking initiative to intensify the fight against internet crime and enhance the security of online business transactions, Flutterwave, a leading African electronic payment company, has joined forces with the Economic and Financial Crimes Commission (EFCC) to establish a cutting-edge Cybercrime Research Centre in Nigeria. This strategic partnership aims to provide the nation’s youth with a sustainable lifeline while fortifying the defenses against financial crimes.
The partnership was formalized on June 14 when Flutterwave CEO Olugbenga Agboola and EFCC Secretary Mohammadu Hammajoda signed a Memorandum of Understanding (MoU). EFCC Chairman Ola Olukoyede and other senior officials from both organizations attended the event.
The Cybercrime Research Centre, slated to be established at the new EFCC Academy, will serve as a hub for advanced research, training, and capacity building in the fight 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, and technological advancement and resource enablement.
Flutterwave, with its extensive knowledge of internet fraudsters’ tactics, will play a crucial role in training anti-corruption agents. The company will leverage its expertise and sophisticated technological tools to equip law enforcement officials with the skills to detect and prevent cybercrime effectively.
Olugbenga Agboola, the founder and CEO of Flutterwave, emphasized the company’s dedication to promoting secure transactions. He stated, “As Africa’s largest payments infrastructure company, we are committed to promoting secure transactions. This initiative underscores our commitment to creating a fraud-free financial ecosystem and leading the charge in safeguarding transactions across Africa. We applaud the EFCC’s relentless efforts to combat internet fraud and other illicit activities in the financial sector.”
EFCC Chairman Ola Olukoyede appreciated the partnership, acknowledging Flutterwave’s impressive strides and expansive reach across Africa. He noted, “The EFCC is impressed with the strides and expanse of Flutterwave across Africa. This partnership marks a significant leap forward in our efforts to combat financial crimes and ensure a secure financial landscape for Nigerians. The Cybercrime Research Centre will significantly enhance our capabilities to prevent, detect, and prosecute financial crimes.”
The establishment of the Cybercrime Research Centre comes at a critical juncture when the prevalence of financial fraud poses a significant threat to the stability and trust in economic systems. By bringing together the expertise of Flutterwave and the EFCC, this initiative aims to develop and implement cutting-edge technologies to detect and prevent financial fraud. The center will offer comprehensive training for law enforcement and industry professionals, equipping them with the skills necessary to combat modern financial crimes effectively.
Moreover, the Cybercrime Research Centre will engage in collaborative research and policy development, fostering a platform for exchanging ideas and best practices between the public and private sectors. It will also focus on youth empowerment and capacity building, providing high-end training and research opportunities for 500 youths empowering them to navigate and excel in the digital economy.
As Flutterwave continues to make significant strides in the African fintech landscape, this partnership with the EFCC marks a new chapter in the fight against cybercrime. By combining their expertise and resources, these organizations are poised to create a safer and more secure financial ecosystem, benefiting Nigeria and the entire African continent.