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
According to reports, The Cybercrime Research Center will be established at the new EFCC Academy.
It is expected to serve as a hub for advanced research, training, and capacity building in the fight against financial crimes. It will focus on key areas including:
- 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.
- Advanced Fraud Detection and Prevention: The centre will offer comprehensive training for law enforcement and industry professionals. This training is for developing and implementing cutting-edge technologies to detect and prevent financial fraud. and to combat modern financial crimes effectively.
- Youth Empowerment and Capacity Building: The center will provide high-end training and research opportunities for youths. This will equip them with the skills needed to navigate and excel in the digital economy.
- Technological Advancement and Resource Enablement: The center will serve as a repository of advanced tools, technologies, and resources to support financial crime investigations. This will include protocols for addressing emerging threats
Flutterwave’s CEO, Agboola, in his comment, applauded the EFCC’s continuous effort to curb cybercrime. He also 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;
“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.” He added.
This collaboration becomes a necessity, as the rate of financial crimes increases with the growth of the payments ecosystem.