In a groundbreaking move to combat internet crime and fortify the security of online transactions, Flutterwave, a leading African fintech company, has joined forces with Nigeria’s Economic and Financial Crimes Commission (EFCC) and the United States Federal Bureau of Investigations (FBI) to establish a state-of-the-art Cybercrime Research Centre in Nigeria. This strategic partnership, the first of its kind under President Bola Tinubu’s administration, was formalized on June 14, 2024, with the signing of a Memorandum of Understanding (MoU) between Flutterwave CEO Olugbenga Agboola and representatives of the security agencies.
The historic event, held in Abuja, was attended by top officials, including EFCC chair Ola Olukoyede, FBI Director Christopher Gray, and EFCC secretary Mohammadu Hammajoda. Flutterwave CEO Olugbenga Agboola emphasized the company’s commitment to promoting secure and safe transactions, stating that the research center is a vital step towards creating a fraud-free financial ecosystem across Africa. He commended the EFCC’s relentless efforts in tackling cyber fraud and bringing perpetrators to justice.
The Cybercrime Research Centre, to be housed at the EFCC Academy, will serve as a hub for advanced research, training, and capacity building in the fight against financial crimes. It will focus on seven key areas: advanced fraud detection and prevention, collaborative research and policy development, youth empowerment and capacity building, and technological advancement and resource enablement.
Flutterwave CEO Olugbenga Agboola highlighted the necessity of the center due to the prevalence of internet fraud, which poses a significant threat to the stability and trust in financial systems. He reaffirmed Flutterwave’s dedication to promoting secure transactions and creating a fraud-free financial ecosystem across African countries.
EFCC chair Ola Olukoyede praised Flutterwave for its impressive strides in Africa and expressed enthusiasm for the partnership. He stated that the cybercrime research center is a significant leap forward in combating financial crimes and ensuring a secure financial landscape for Nigerians. Olukoyede emphasized that the center will enhance the EFCC’s ability to effectively prevent, detect, and prosecute financial crimes.
The collaboration between Flutterwave, EFCC, and FBI demonstrates the importance of public-private partnerships in addressing the challenges posed by cybercrime. By leveraging Flutterwave’s expertise in the tactics employed by internet fraudsters and the security agencies’ investigative prowess, the cybercrime research center aims to develop sophisticated tech tools and techniques to detect and prevent these crimes.
As the payments ecosystem continues to evolve, establishing the Cybercrime Research Centre is a proactive measure to safeguard the integrity of financial transactions and protect the youth from falling prey to cybercrime. This initiative strengthens the fight against economic crimes and provides a sustainable lifeline to the younger generation by equipping them with the skills necessary to thrive in the digital economy.
With Flutterwave CEO Olugbenga Agboola at the forefront, the Cybercrime Research Centre is poised to make significant strides in combating internet fraud, fostering a secure financial landscape, and empowering the youth to navigate the digital world confidently. This partnership marks a new chapter in the fight against cybercrime in Nigeria and serves as a model for other African nations to follow.