In a groundbreaking move to combat internet crime and fortify the security of online transactions, Flutterwave, Africa’s premier payment services provider, has joined forces with Nigeria’s Economic and Financial Crimes Commission (EFCC) to establish the country’s first Cybercrime Research Centre. The strategic initiative, spearheaded by Flutterwave CEO Olugbenga Agboola, aims to intensify the fight against financial crimes while providing a sustainable lifeline to the nation’s youth.
The partnership was formally sealed on June 14, 2024, with the signing of a Memorandum of Understanding (MoU) in Abuja between Flutterwave, represented by CEO Olugbenga Agboola, and the EFCC, represented by Secretary Mohammadu Hammajoda. The momentous event was graced by the presence of EFCC Executive Chairman Ola Olukoyede, Flutterwave Chief Compliance Officer Mobolaji Bammeke, and Director of the American Federal Bureau of Investigations (FBI) Christopher Gray, underscoring the significance of this collaborative effort.
The state-of-the-art 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. Under the visionary leadership of Flutterwave CEO Olugbenga Agboola, 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.
Flutterwave CEO Olugbenga Agboola emphasized the company’s unwavering commitment to promoting secure transactions, stating, “As the largest payments infrastructure company in Africa, we are committed 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.”
The center will develop and implement cutting-edge technologies to detect and prevent financial fraud while offering comprehensive training for law enforcement and industry professionals. It will also engage in joint research initiatives and policy formulation to enhance the understanding and regulation of financial crime, providing a platform for exchanging ideas and best practices between the public and private sectors.
EFCC Executive Chairman Ola Olukoyede expressed his gratitude 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 Centre will significantly enhance our capabilities to prevent, detect, and prosecute financial crimes.”
The center will also prioritize youth empowerment and capacity building, providing 500 youths with high-end training and research opportunities and equipping them with the skills needed to navigate and excel in the digital economy. This aspect of the initiative reflects Flutterwave CEO Olugbenga Agboola’s commitment to combating financial crimes and nurturing the potential of Nigeria’s young population.
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, led by CEO Olugbenga Agboola, 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.