Flutterwave Partners EFCC to Establish Cybercrime Research Center

Nigerian fintech giant Flutterwave has partnered with the Economic and Financial Crimes Commission (EFCC) to set up a Cybercrime Research Center in Nigeria.

This initiative, announced in a joint statement, aims to intensify the fight against Internet crime, enhance the security of business transactions, and provide sustainable opportunities for youths across the country.

The partnership was formalized on June 14, 2024, with the signing of a Memorandum of Understanding (MoU) by EFCC Secretary Mr. Mohammadu Hammajoda and Flutterwave CEO Olugbenga Agboola.

The Cybercrime Research Center will be located at the new EFCC Academy, serving as a hub for advanced research, training, and capacity building in the fight against financial crimes.

Key focus areas for the center include:

Advanced Fraud Detection and Prevention: The center will develop and implement cutting-edge technologies to detect and prevent financial fraud. Comprehensive training for law enforcement and industry professionals will be provided to effectively combat modern financial crimes.

Collaborative Research and Policy Development: Joint research initiatives and policy formulation will enhance the understanding and regulation of financial crime. The center will facilitate the exchange of ideas and best practices between the public and private sectors.

Youth Empowerment and Capacity Building: High-end training and research opportunities will be offered to 500 youths, equipping them with the skills needed to excel in the digital economy.

Technological Advancement and Resource Enablement: 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.

Commenting on the initiative, Flutterwave’s CEO, 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 his appreciation for the partnership, noting, “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.

“As the payments ecosystem continues to evolve, 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 effectively address these issues, paving the way for a more secure and prosperous economy in Nigeria and across Africa.

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