Flutterwave Teams Up with EFCC to Launch Cutting-Edge Cybercrime Research Centre in Nigeria
Flutterwave, the African fintech powerhouse, has partnered with Nigeria’s Economic and Financial Crimes Commission (EFCC) to establish a state-of-the-art Cybercrime Research Centre in a bold move to combat the growing threat of internet fraud. This groundbreaking initiative formalized in Abuja on June 14, 2024, aims to revolutionize the fight against financial crimes and secure Nigeria’s digital economy.
The partnership was sealed with the signing of a Memorandum of Understanding (MoU) by Mohammadu Hammajoda, Secretary of the EFCC, and Olugbenga ‘GB’ Agboola, representing Flutterwave. Key figures attended the ceremony, including Ola Olukoyede, Executive Chairman of the EFCC; Mobolaji Bammeke, Flutterwave’s Chief Compliance Officer; and Christopher Gray, Director of the American Federal Bureau of Investigations (FBI).
Flutterwave, a San Francisco-based unicorn with its operational headquarters in Lagos, brings its extensive experience in the African payments landscape to this collaboration. Founded in 2016 by Agboola, the company has rapidly expanded its footprint across the continent, offering customizable payment solutions through its unique Application Programming Interface.
The Cybercrime Research Centre, to be housed at the new EFCC Academy, will serve as a hub for advanced research, training, and capacity building in the fight against financial crimes. Its key focus areas include:
1. Advanced fraud detection and prevention: Developing cutting-edge technologies to combat modern financial crimes.
2. Collaborative research and policy development: Fostering knowledge exchange between public and private sectors.
3. Youth empowerment: Providing high-end training and research opportunities for 500 youths.
4. Technological advancement: Creating a repository of advanced tools to support financial crime investigations, including protocols for addressing cryptocurrency-related crimes.
Olugbenga Agboola emphasized Flutterwave’s commitment: “As the largest payments infrastructure company in Africa, we are dedicated to promoting secure and safe transactions. This initiative underscores our commitment to creating a fraud-free financial ecosystem across Africa.”
EFCC Chairman Ola Olukoyede expressed enthusiasm for the partnership, noting, “The EFCC is impressed with Flutterwave’s strides across Africa. This collaboration will significantly enhance our capabilities to prevent, detect, and prosecute financial crimes.”
Establishing this center is crucial, as Nigeria faces challenges regarding its position on the Financial Action Task Force (FATF) grey list. In March 2024, the EFCC and the Nigeria Financial Intelligence Unit (NFIU) announced new strategies to address the country’s status, highlighting the urgency of enhancing Nigeria’s financial crime prevention capabilities.
This public-private partnership model exemplifies how collaboration can effectively address complex challenges in the digital age. By combining Flutterwave’s technological expertise with the EFCC’s regulatory authority and the FBI’s international experience, the initiative aims to create a robust defense against cybercrime.
As Nigeria continues its digital transformation journey, the Cybercrime Research Centre represents a proactive step towards securing its financial future. It aligns with broader efforts to strengthen Nigeria’s position in global economic circles. It demonstrates the country’s commitment to combating financial crimes.
In conclusion, the partnership between Flutterwave and the EFCC to establish the Cybercrime Research Centre marks a significant milestone in Nigeria’s fight against internet fraud. This initiative enhances the country’s capacity to prevent, detect, and prosecute financial crimes, improving Nigeria’s standing in the global financial community and paving the way for a more secure and prosperous digital economy.