In a significant step towards combating internet crime and strengthening the security of online transactions, Flutterwave, a prominent African payment services provider, has announced a partnership with Nigeria’s Economic and Financial Crimes Commission (EFCC) to build and equip a cutting-edge Cybercrime Research Center. This initiative aims to intensify the fight against Internet crime and promote secure online transactions while providing sustainable opportunities for the nation’s youth.

The partnership was formalized on June 14, 2024, during a Memorandum of Understanding (MoU) signing in Abuja between Flutterwave and the EFCC. Key figures attended the event, including Ola Olukoyede, Executive Chairman of the EFCC, Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, Mobolaji Bammeke, Chief Compliance Officer, and Christopher Gray, Director of the American Federal Bureau of Investigations (FBI), along with other senior officials from both the EFCC and the FBI.

Olugbenga Agboola, CEO of Flutterwave, emphasized the company’s 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. We applaud the EFCC’s relentless efforts to combat internet fraud and other illicit activities in the financial sector.”

The Cybercrime Research Center, 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. 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.

By developing and implementing cutting-edge technologies, the center aims to effectively detect and prevent financial fraud while offering comprehensive training for law enforcement and industry professionals to combat modern financial crimes. The center will also engage in joint research initiatives and policy formulation to enhance the understanding and regulation of economic crime, providing a platform for exchanging ideas and best practices between the public and private sectors.

The Cybercrime Research Center is committed to youth empowerment, and capacity building is a significant aspect. The center will provide high-end training and research opportunities for 500 youths, equipping them with the skills needed to navigate and excel in the digital economy. Additionally, 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.

Ola Olukoyede, Executive Chairman of the EFCC, 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.”

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 collaboration between Flutterwave, the EFCC, and the FBI exemplifies how public-private partnerships can effectively address these issues, paving the way for a more secure and prosperous economy in Nigeria and across Africa.

With Flutterwave’s expertise in payment technology and the combined efforts of the EFCC and FBI in combating financial crimes, the Cybercrime Research Center is well-positioned to make a significant impact in the fight against internet fraud. This groundbreaking initiative strengthens the security of online transactions and provides a sustainable lifeline for the nation’s youth, empowering them to become active participants in the digital economy.