Flutterwave Partners with EFCC and FBI to Establish Cutting-Edge Cybercrime Research Centre in Nigeria
In a groundbreaking collaboration, Flutterwave, a leading African payment technology company, has joined forces with the Economic and Financial Crimes Commission (EFCC) and the United States Federal Bureau of Investigations (FBI) to establish a state-of-the-art Cybercrime Research Centre in Nigeria. This partnership aims to intensify the fight against internet crime, enhance the security of online transactions, and provide sustainable opportunities for the nation’s youth.
The historic partnership was formalized on June 14, 2024, with the signing of a Memorandum of Understanding (MoU) in Abuja between Flutterwave CEO Olugbenga Agboola and EFCC Secretary Mohammadu Hammajoda. The event was attended by prominent figures, including EFCC Chairman Ola Olukoyede, FBI Director Christopher Gray, and other senior officials from the EFCC and the FBI.
Flutterwave, renowned for its innovative payment solutions across Africa, emphasized its unwavering commitment to promoting secure and safe transactions. CEO Olugbenga Agboola stated, “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 expressed his gratitude for the partnership, acknowledging Flutterwave’s impressive strides and expansive reach across the continent. He remarked, “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 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 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.
The center aims to effectively detect and prevent financial fraud by developing and implementing cutting-edge technologies. It will offer 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, providing a platform for exchanging ideas and best practices between the public and private sectors.
One of the Cybercrime Research Centre’s most significant aspects is its commitment to youth empowerment and capacity building. The centre will provide 500 youths with high-end training and research opportunities, empowering them with the skills needed to navigate and excel 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 remains a significant challenge, threatening the stability and trust in economic systems. The partnership between Flutterwave, the EFCC, and the FBI exemplifies 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 Flutterwave’s expertise in payment technology and the EFCC and FBI’s experience in combating financial crimes, the Cybercrime Research Centre is poised to impact the fight against internet fraud significantly. This groundbreaking initiative strengthens the security of online transactions and provides a sustainable lifeline for the nation’s youth, empowering them to become active participants in the digital economy.
