Flutterwave, a San Francisco and Lagos-based fintech company run by Nigerian multimillionaire tech entrepreneur Olugbenga Agboola, has partnered with the Economic and Financial Crimes Commission (EFCC) to establish a Cybercrime Research Centre in Nigeria. This collaborative endeavor intends to combat cyber crime, increase security in business transactions, and provide significant opportunities for Nigerian youngsters.
On June 14, 2024, Mohammadu Hammajoda, EFCC Secretary, and Olugbenga Agboola, CEO of Flutterwave, signed a Memorandum of Understanding (MoU). This agreement formally establishes their strategic collaboration. It highlights both parties’ commitment to combating cybercrime and creating a safer financial ecosystem.
The Cybercrime Research Center will be based at the new EFCC Academy. It will act as a hub for advanced research, training, and capacity building to successfully combat financial crimes. The center will concentrate on a few critical topics. Its goal is to develop and apply cutting-edge solutions for identifying and preventing financial fraud.
This effort will provide thorough training to law enforcement and industry experts. It will provide them with the knowledge and abilities required to effectively combat current financial crimes.
Furthermore, the center will participate in collaborative research projects and policy formation to improve knowledge and regulation of financial crime. It will serve as a platform for the public and commercial sectors to share ideas and best practices.
The center’s aim includes youth empowerment and capacity building. It will provide 500 young people with high-quality training and research possibilities. These programs will provide them with the necessary abilities to navigate and succeed in the digital economy.
Furthermore, the center will establish a collection of advanced techniques, technology, and resources to aid financial crime investigations. This includes creating mechanisms to combat emerging threats like cryptocurrency-related crimes. Agboola underscored the company’s commitment to securing financial transactions.
“This initiative demonstrates our commitment to developing a fraud-free financial ecosystem and leading the charge to protect transactions across Africa. “We applaud the EFCC’s tireless efforts to combat internet fraud and other illegal activities in the financial sector,” Gbenga stated.
The EFCC Executive Chairman, Ola Olukoyede, expressed his enthusiasm for the collaboration.
“The EFCC is impressed by Flutterwave’s advances and expansion across Africa. This collaboration represents a big step forward in our efforts to prevent financial crime and provide a safe financial environment for Nigerians. “The Cybercrime Research Center will significantly improve our ability to prevent, detect, and prosecute financial crimes,” he stated.
This relationship between Flutterwave and the EFCC demonstrates how public-private collaboration may effectively address difficulties in the payments ecosystem and combat financial fraud, which jeopardizes financial system stability and trust.
Flutterwave, headquartered in San Francisco and Lagos, is a leading player in Africa’s payments revolution. Its valuation has reached $3.2 billion, making it Africa’s most valuable software firm.
