Flutterwave Partners with EFCC to Establish Cybercrime Research Center in Nigeria

Nigerian fintech giant, Flutterwave, has partnered with the Economic and Financial Crimes Commission (EFCC) to create a Cybercrime Research Center in Nigeria. This initiative aims to combat internet crime, enhance transaction security, and provide sustainable opportunities for youths across the country.

Memorandum of Understanding (MoU)

A Memorandum of Understanding was signed on June 14, 2024, by the Secretary of the EFCC, Mr. Mohammadu Hammajoda, and the CEO of Flutterwave, Olugbenga Agboola. This partnership marks a significant step in the fight against financial crimes and underscores the commitment of both parties to fostering a secure financial environment.

Objectives of the Cybercrime Research Center

The Cybercrime Research Center, to be established at the new EFCC Academy, will serve as a hub for advanced research, training, and capacity building. The center will focus on several key areas:

1. Advanced Fraud Detection and Prevention
   • Develop and implement cutting-edge technologies to detect and prevent financial fraud.
   • Offer comprehensive training for law enforcement and industry professionals to effectively combat modern financial crimes.
2. Collaborative Research and Policy Development
   • Engage in joint research initiatives and policy formulation to enhance understanding and regulation of financial crime.
   • Provide a platform for the exchange of ideas and best practices between the public and private sectors.
3. Youth Empowerment and Capacity Building
   • Provide high-end training and research opportunities for 500 youths, equipping them with the skills needed to navigate and excel in the digital economy.
4. Technological Advancement and Resource Enablement
   • Create a repository of advanced tools, technologies, and resources to support financial crime investigations.
   • Develop protocols for addressing emerging threats, such as cryptocurrency-related crimes.

Statements from Key Stakeholders

Flutterwave’s CEO, Olugbenga Agboola, emphasized the company’s dedication 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 Executive Chairman, Mr. Ola Olukoyede, expressed appreciation for the partnership:

“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 Center will significantly enhance our capabilities to prevent, detect, and prosecute financial crimes.”

Importance of the Initiative

As the payments ecosystem evolves, financial fraud remains a significant challenge, threatening the stability and trust in financial systems. The partnership between Flutterwave and the EFCC exemplifies how public-private collaboration can address these issues, paving the way for a more secure and prosperous economy in Nigeria and across Africa.

The Cybercrime Research Center is poised to play a crucial role in enhancing the fight against financial crimes, ensuring safer transactions, and empowering the next generation with the necessary skills to thrive in the digital economy.