Flutterwave and EFCC Partner to Establish Cybercrime Research Center

Africa's leading payments technology company, Flutterwave, has joined forces with the Economic and Financial Crimes Commission (EFCC) to establish a state-of-the-art Cybercrime Research Center. This strategic partnership, formalized on June 14, 2024, in Abuja, Nigeria, aims to intensify the fight against internet crime, enhance the security of business transactions, and provide a sustainable lifeline to youths across the country.

The high-level event was attended by key stakeholders, including the Executive Chairman of the EFCC, Mr. Ola Olukoyede; the founder and Chief Executive Officer of Flutterwave, Mr. Olugbenga Agboola; the Chief Compliance Officer, Mr. Mobolaji Bammeke; the Director of the American Federal Bureau of Investigation, Mr. Christopher Gray; and other senior officials from both the EFCC and the FBI.

In a statement, Flutterwave reiterated its commitment to promoting secure and safe transactions across Africa. Agboola, the CEO, said, "As the largest payments infrastructure company in Africa, we are committed 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."

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Olukoyede, the EFCC Executive Chairman, 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 will significantly enhance our capabilities to prevent, detect, and prosecute financial crimes."

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.

This partnership between Flutterwave and the EFCC is a testament to the power of public-private collaboration in addressing the growing challenge of financial fraud. As the payments ecosystem continues to evolve, the prevalence of financial crimes remains a significant threat to the stability and trust in financial systems.

"This partnership between Flutterwave and the EFCC illustrates how public-private collaboration can effectively address these issues, paving the way for a more secure and prosperous economy in Nigeria and across Africa," the statement read.

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The signing of the Memorandum of Understanding by the Secretary of the EFCC, Mr. Mohammadu Hammajoda, and Olugbenga Agboola for Flutterwave, marks a pivotal moment in the collaborative efforts to enhance financial security in Nigeria and beyond.

As the Cybercrime Research Center takes shape, it will undoubtedly play a crucial role in the fight against financial crimes, empowering the youth, and fostering a more secure and prosperous financial landscape in Africa. The success of this partnership will be closely watched by the global community, as it sets a precedent for how public-private collaborations can effectively address the evolving challenges in the digital age.

What other innovative partnerships can we expect to see in the future to combat financial crimes and empower the youth in Africa?

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Citations

Cyber Security Challenge Nigeria Initiative (CYSEC NG) – Cyber ...

The Center of Cybercrimes and Digital Forensic Evidences عن المركز

International CyberCrime Research Centre - Simon Fraser University

Joining forces: Public-private partnerships vs. financial crime