Flutterwave, Africa’s leading paytech company, has joined forces with Nigeria’s Economic and Financial Crimes Commission (EFCC) to establish a cutting-edge Cybercrime Research Centre in a groundbreaking move to combat the rising tide of internet crime. This collaborative effort, formalized on June 14, 2024, marks a significant milestone in the ongoing battle against cybercrime and financial fraud in Nigeria and across Africa.

The partnership between Flutterwave and the EFCC was sealed by signing a memorandum of understanding (MoU) in Abuja, Nigeria’s capital. The event drew high-profile attendees, including Ola Olukoyede, the EFCC’s executive chairman, and Olugbenga ‘GB’ Agboola, Flutterwave’s founder and CEO. Mobolaji Bammeke, Flutterwave’s chief compliance officer, and Christopher Gray, director of the American Federal Bureau of Investigations (FBI), along with other senior officials from both organizations.

The Cybercrime Research Centre, set to be housed within the new EFCC Academy, will serve as a hub for advanced research, training, and capacity building in the fight against financial crimes. Flutterwave, leveraging its position as Africa’s largest payments infrastructure company, will lead this initiative, bringing its technological expertise and industry insights to the forefront of the battle against cybercrime.

Olugbenga Agboola, Flutterwave’s CEO, emphasized the company’s commitment to creating a secure financial ecosystem, stating, “This initiative underscores our dedication to fostering a fraud-free financial landscape and spearheading efforts to safeguard transactions across Africa.” He further commended the EFCC’s persistent efforts in combating internet fraud and other illicit activities within the financial sector.

The centre will focus on several key areas, including developing and implementing cutting-edge technologies for fraud detection and prevention. It aims to offer comprehensive training programs for law enforcement and industry professionals, equipping them with the skills necessary to combat modern financial crimes effectively.

Collaborative research and policy development is another crucial aspect of the centre’s mission. By bringing together experts from the public and private sectors, the initiative seeks to enhance the understanding and regulation of financial crime, fostering an environment of knowledge sharing and best practices.

In a move that addresses the societal impact of cybercrime, the centre will also focus on youth empowerment and capacity building. Plans are in place to provide high-end training and research opportunities for 500 young individuals, arming them with the skills needed to thrive in the digital economy and steering them away from the allure of cybercrime.

The centre’s technological advancement component will involve creating a repository of advanced tools and resources to support financial crime investigations. This includes developing protocols for addressing emerging threats, such as cryptocurrency-related crimes, ensuring that law enforcement remains one step ahead of cybercriminals.

Ola Olukoyede, the EFCC’s executive chairman, expressed his enthusiasm for the partnership, praising Flutterwave’s expansive reach across Africa. He stated, “This collaboration marks a significant leap forward in our efforts to combat financial crimes and ensure a secure financial landscape for Nigerians.”

As the digital 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 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.

This initiative demonstrates Flutterwave’s commitment to secure transactions and highlights the company’s role in shaping Africa’s future financial landscape. By taking a proactive stance against cybercrime, Flutterwave is protecting its interests and contributing to the broader goal of creating a safer digital economy for all Africans.