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Flutterwave and EFCC Join Forces to Establish Cybercrime Research Centre for Secure Online Transactions

In a significant move to combat internet crime and enhance the security of online transactions, Flutterwave, a leading African Playtech company, has partnered with the Economic and Financial Crimes Commission (EFCC) to establish a state-of-the-art Cybercrime Research Centre in Nigeria. This initiative also aims to provide sustainable opportunities for the nation’s youth.

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

Olugbenga Agboola, CEO of Flutterwave, reiterated the company’s dedication to promoting secure transactions, stating, “As the largest payments infrastructure company in Africa, we are committed to promoting secure transactions. This initiative underscores our commitment to creating a fraud-free financial ecosystem and leading the charge in safeguarding transactions across Africa.”

Ola Olukoyede, Executive Chairman of the EFCC, expressed his appreciation for 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 Centre will significantly enhance our capabilities to prevent, detect, and prosecute financial crimes.”

The Cybercrime Research Centre, 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, and 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 Cybercrime Research Centre’s most significant aspects is its commitment to youth empowerment and capacity building. The centre will provide 500 youths with high-end training and research opportunities, equipping them with the skills needed to navigate and excel in the digital economy. Furthermore, 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 collaboration between Flutterwave and the EFCC exemplifies how public-private partnerships can effectively address these issues, paving the way for a more secure and prosperous economy in Nigeria and across Africa.

With Flutterwave’s expertise in payment technology and the EFCC’s experience in combating financial crimes, the Cybercrime Research Centre is well-positioned to impact the fight against internet fraud significantly. This groundbreaking initiative strengthens the security of online transactions and provides a sustainable lifeline for the nation’s youth, empowering them to become active participants in the digital economy.