Nigerian fintech company Flutterwave has announced a strategic partnership with the Economic and Financial Crimes Commission (EFCC) to establish a cutting-edge Cybercrime Research Center in Nigeria. The center aims to intensify the fight against internet crime, secure business transactions, and provide a sustainable lifeline to youths nationwide.

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

Commenting on the initiative, Agboola emphasized Flutterwave’s commitment to promoting secure and safe transactions, stating, “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.”

Olukoyede appreciated 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 Center will significantly enhance our capabilities to prevent, detect, and prosecute financial crimes.”

The Cybercrime Research Center, set 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. It will focus on several key areas, including advanced fraud detection and prevention, collaborative research and policy development, youth empowerment and capacity building, 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.

One of the center’s primary objectives is to empower and uplift the youth by providing 500 individuals with high-end training and research opportunities, equipping them with the skills needed to thrive 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.

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 partnership between Flutterwave and the EFCC is a shining example of how public-private collaboration can effectively address these issues, paving the way for a more secure and prosperous economy in Nigeria and across Africa.

With the establishment of the Cybercrime Research Center, Flutterwave and the EFCC are taking a proactive stance in the fight against internet crime, demonstrating their unwavering commitment to safeguarding transactions and fostering a secure financial environment for all. This groundbreaking initiative is poised to make significant strides in combating economic crimes, empowering youths, and creating a safer digital landscape for businesses and individuals.