Flutterwave And EFCC To Establish Cybercrime Research Center In Nigeria
Nigerian fintech company Flutterwave is partnering with the Economic and Financial Crimes Commission (EFCC) to establish a Cybercrime Research Center in Nigeria.
According to a joint statement, the center aims to intensify the fight against internet crime, secure business transactions, and provide sustainable opportunities for youth across the country.
The partnership was formalized on June 14, 2024, with the signing of a Memorandum of Understanding (MoU) in Abuja between EFCC Secretary Mr. Mohammadu Hammajoda and Flutterwave CEO Olugbenga Agboola.
“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,” said Agboola.
EFCC Executive Chairman Mr. Ola Olukoyede expressed his appreciation for the partnership, 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.”
The Cybercrime Research Center, to be established at the new EFCC Academy, will significantly enhance the EFCC’s capabilities to prevent, detect, and prosecute financial crimes. It will also serve as a hub for advanced research, training, and capacity building in the fight against financial crimes.
Key focus areas of the center will include advanced fraud detection and prevention, collaborative research and policy development, youth empowerment and capacity building, technological advancement, and resource enablement.
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 new initiative between Flutterwave and the EFCC represents a proactive step toward mitigating these risks and fostering a safer financial environment in Nigeria.
