Flutterwave Collaborates with EFCC to Launch Cybercrime Research Centre in Nigeria

AA, a prominent African electronic payment company, has partnered with Nigeria’s Economic and Financial Crimes Commission (EFCC) to establish a cutting-edge Cybercrime Research Centre. This is the first in a significant move to combat internet crime and enhance the security of online transactionst-of-its-kind collaboration under President Bola Tinubu’s administration aims to provide a sustainable lifeline to the country’s youth while strengthening the fight against financial crimes.

The partnership was formalized on June 14, 2024, by signing a Memorandum of Understanding (MoU) in Abuja between Flutterwave CEO Olugbenga Agboola and EFCC Secretary Mohammadu Hammajoda. The event was attended by EFCC chair Ola Olukoyede, Christopher Gray from the Federal Bureau of Investigations (FBI), and other senior officials from both the EFCC and the FBI.

During the MoU signing, Olugbenga Agboola emphasized Flutterwave’s commitment to promoting secure and safe transactions, stating, “As a company well-versed with the tactics of Internet fraudsters known as Yahoo Boys, Flutterwave would train anti-corruption agents using sophisticated tech tools and techniques to detect and prevent these crimes.” He further added that the research center reaffirmed Flutterwave’s dedication to “creating a fraud-free financial ecosystem” across African countries.

The state-of-the-art Cybercrime Research Centre, to be built at the EFCC Academy, wiAcademys on seven key areas: advanced fraud detection and prevention, collaborative research and policy development, youth empowerment and capacity building, and technological advancement and resource enablement. The center will serve as a hub for advanced study, training, and capacity building in the fight against financial crimes.

Ola Olukoyede, the EFCC chair, commended Flutterwave for making giant strides in Africa, stating, “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.” He added that the cybercrime research center would significantly enhance the EFCC’s capabilities to prevent, detect, and prosecute financial crimes.

As the payments ecosystem continues to evolve, the prevalence of financial fraud remains a significant challenge, threatening the stability and trust in economic security. Establishing the Cybercrime Research Centre by Flutterwave and the EFCC demonstrates 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 a focus on advanced fraud detection and prevention, collaborative research and policy development, youth empowerment and capacity building, and technological advancement and resource enablement, the Cybercrime Research Centre is poised to make a significant impact against financial crimes. By providing high-end training and research opportunities for 500 youths and creating a repository of advanced tools and technologies, the center will teach the next generation the skills needed to navigate and excel in the digital economy while safeguarding the integrity of online transactions.

AA, a prominent African electronic payment company, has partnered with Nigeria’s Economic and Financial Crimes Commission (EFCC) to establish a cutting-edge Cybercrime Research Centre. This is the first in a significant move to combat internet crime and enhance the security of online transactionst-of-its-kind collaboration under President Bola Tinubu’s administration aims to provide a sustainable lifeline…

AA, a prominent African electronic payment company, has partnered with Nigeria’s Economic and Financial Crimes Commission (EFCC) to establish a cutting-edge Cybercrime Research Centre. This is the first in a significant move to combat internet crime and enhance the security of online transactionst-of-its-kind collaboration under President Bola Tinubu’s administration aims to provide a sustainable lifeline…