Nigerian fintech giant, Flutterwave, has entered into a partnership with the Economic and Financial Crimes Commission (EFCC) to set up a Cybercrime Research Center in Nigeria.
According to a statement from the two parties, the initiative aims to intensify the fight against Internet crime, enhance the security of business transactions, and provide a sustainable lifeline to youths across the country.
A Memorandum of Understanding (MoU) was signed on June 14, 2024, by the Secretary of the EFCC, Mr. Mohammadu Hammajoda, and the CEO of Flutterwave, Olugbenga Agboola, to seal the deal.
The Centre
The Cybercrime Research Center, to be established at the new EFCC Academy, is expected to serve as a hub for advanced research, training, and capacity building in the fight against financial crimes. It will focus on several key areas, which include:
- Advanced Fraud Detection and Prevention: Developing and implementing cutting-edge technologies to detect and prevent financial fraud. The centre will offer comprehensive training for law enforcement and industry professionals to combat modern financial crimes effectively.
- Collaborative Research and Policy Development: Engaging in joint research initiatives and policy formulation to enhance the understanding and regulation of financial crime. The center will provide a platform for the exchange of ideas and best practices between the public and private sectors.
- Youth Empowerment and Capacity Building: Providing high-end training and research opportunities for 500 youths, equipping them with the skills needed to navigate and excel in the digital economy.
- Technological Advancement and Resource Enablement: Creating a repository of advanced tools, technologies, and resources to support financial crime investigations, including protocols for addressing emerging threats such as cryptocurrency-related crimes.
What they are saying
Commenting on the initiative, Flutterwave’s CEO, Agboola, reiterated the company’s commitment to promoting secure and safe 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,” he said
The Executive Chairman of the EFCC, Mr. Ola Olukoyede, also 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.”
What you should know
As the payments ecosystem continues to evolve, the prevalence of financial fraud remains a significant challenge, threatening the stability and trust in financial systems.
This 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.