Nigerian fintech giant Flutterwave has joined forces with the Economic and Financial Crimes Commission (EFCC) to establish a Cybercrime Research Center in Nigeria.
The partnership, formalized on June 14, 2024, aims to intensify the fight against internet crime, enhance transaction security, and provide opportunities for Nigerian youth. A Memorandum of Understanding was signed by EFCC Secretary, Mohammadu Hammajoda, and Flutterwave CEO, Olugbenga Agboola, at a high-profile event in Abuja.
Set to be housed at the new EFCC Academy, the center will serve as a hub for advanced research, training, and capacity building in combating financial crimes. Key focus areas include developing cutting-edge fraud detection technologies, fostering collaborative research between public and private sectors, and empowering 500 youths with digital economy skills.
Flutterwave CEO Agboola emphasized the company’s commitment to creating a fraud-free financial ecosystem across Africa. EFCC Executive Chairman Ola Olukoyede praised the initiative, stating it would significantly enhance the agency’s ability to prevent, detect, and prosecute financial crimes.
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The partnership comes at a crucial time as the evolving payments ecosystem faces increasing threats from financial fraud. By combining Flutterwave’s technological expertise with EFCC’s law enforcement capabilities, the collaboration aims to build a more secure financial landscape in Nigeria and beyond.
Notable attendees at the signing ceremony included FBI Director Christopher Gray, highlighting the international significance of this public-private partnership.
As Africa’s largest payments infrastructure company, Flutterwave’s involvement in this initiative marks a significant step towards safeguarding digital transactions and fostering trust in Nigeria’s financial systems. The Cybercrime Research Center is expected to play a pivotal role in shaping the future of financial security across the continent.