Flutterwave, EFCC To Establish Cybercrime Research Center

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 statement from both parties, the center would intensify the fight against internet crime, secure business transactions and provide a sustainable lifeline to youths across the country.

The partnership was formalised on June 14, with the signing of a Memorandum of Understanding (MoU) in Abuja between the Secretary of EFCC, Mr. Mohammadu Hammajoda, and the CEO of Flutterwave, Olugbenga Agboola GB.

Commenting on the initiative, the Flutterwave emphasised 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.

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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,” Olukoyede said.

As the payments ecosystem continues to evolve, the prevalence of financial fraud remains a significant challenge, threatening the stability and trust in financial systems.

The Cybercrime Research Center, to be established at the new EFCC Academy, is expected to serve as a hub for advanced research, training, and capacity building in the fight against financial crimes.

It will also 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.