Flutterwave partners EFCC to launch cybercrime research centre in Nigeria

By Innocent Raphael 

Flutterwave, Africa’s leading payments technology company, has announced a partnership with Nigeria’s Economic and Financial Crimes Commission (EFCC) to establish a cutting-edge Cybercrime Research Center. 

This strategic collaboration aims to enhance the fight against Internet crime, secure business transactions, and offer sustainable opportunities for youth across Nigeria.

The partnership was formalized with the signing of a Memorandum of Understanding (MoU) in Abuja, attended by prominent figures including EFCC Executive Chairman, Mr Ola Olukoyede, Flutterwave Founder and CEO, Mr Olugbenga ‘GB’ Agboola, Chief Compliance Officer, Mr Mobolaji Bammeke, FBI Director, Mr Christopher Gray, and other senior officials from both the EFCC and FBI.

Mr Olugbenga Agboola emphasized Flutterwave’s commitment to secure financial transactions, stating, “As Africa’s largest payments infrastructure company, we are dedicated to fostering a secure financial ecosystem. This initiative highlights our efforts to combat fraud and ensure safe transactions across Africa. We commend the EFCC for their relentless fight against internet fraud and other financial crimes.”

EFCC Executive Chairman, Mr Ola Olukoyede praised the partnership, noting, “The EFCC is impressed with Flutterwave’s extensive reach across Africa. This collaboration represents a significant advancement in our mission to combat financial crimes and secure Nigeria’s financial landscape. The Cybercrime Research Center will greatly enhance our ability to prevent, detect, and prosecute financial crimes.”

The MoU, signed by EFCC Secretary, Mr Mohammadu Hammajoda and Mr. Olugbenga Agboola for Flutterwave, marks a pivotal moment in bolstering financial security in Nigeria and beyond.

Located at the new EFCC Academy, the Cybercrime Research Center will focus on:

1. Advanced Fraud Detection and Prevention:  Utilizing cutting-edge technologies to identify and prevent financial fraud, while offering comprehensive training for law enforcement and industry professionals.

2. Collaborative Research and Policy Development: Conducting joint research initiatives and formulating policies to better understand and regulate financial crime, fostering public-private sector collaboration.

3. Youth Empowerment and Capacity Building: Providing training and research opportunities for 500 youths, equipping them with skills to excel in the digital economy.

4. Technological Advancement and Resource Enablement: Developing a repository of advanced tools and resources to support financial crime investigations, including protocols for emerging threats like cryptocurrency-related crimes.