Flutterwave CEO Spearheads Cybercrime Research Centre Initiative with EFCC

In a groundbreaking move to combat the rising tide of cybercrime in Nigeria, Flutterwave, the leading African Playtech company, has joined forces with the Economic and Financial Crimes Commission (EFCC) to establish a state-of-the-art Cybercrime Research Centre. This collaborative effort, formalized on June 14, 2024, through the signing a Memorandum of Understanding (MoU) in Abuja, marks a significant step towards creating a more secure digital financial landscape in Nigeria and across Africa.

The signing ceremony was graced by high-profile attendees, including Ola Olukoyede, the EFCC’s Executive Chairman, and Olugbenga ‘GB’ Agboola, Flutterwave’s founder and CEO. Mobolaji Bammeke, Flutterwave’s chief compliance officer, Christopher Gray, director of the American Federal Bureau of Investigations (FBI), and other senior officials from both organizations were also present.

Flutterwave CEO Agboola emphasized the company’s dedication to fostering a fraud-free financial ecosystem, stating, “As the largest payments infrastructure company in Africa, we are committed to promoting secure and safe transactions.” He further highlighted Flutterwave’s role in leading the charge to safeguard transactions across the continent, praising the EFCC’s tireless efforts in combating internet fraud and other illicit financial activities.

The Cybercrime Research Centre, set to be housed at the new EFCC Academy, will serve as a hub for cutting-edge research, training, and capacity building in the fight against financial crimes. Its primary focus areas include advanced fraud detection and prevention, collaborative research and policy development, youth empowerment, and technological advancement.

One of the center’s key objectives is to develop and implement state-of-the-art technologies for detecting and preventing financial fraud. It will also offer comprehensive training programs for law enforcement agencies and industry professionals, equipping them with the skills needed to combat modern financial crimes

 effectively.

To address youth unemployment and harness the potential of Nigeria’s young population, the center will provide 500 youths with high-end training and research opportunities. This initiative aims to equip them with the necessary skills to thrive in the digital economy, potentially steering them away from cybercrime and towards legitimate career paths.

The Flutterwave CEO’s involvement in this project underscores the company’s commitment to corporate social responsibility and its role in shaping the future of Africa’s digital economy. By partnering with the EFCC, Flutterwave is taking a proactive stance in addressing the challenges that threaten the stability and trustworthiness of financial systems across the continent.

EFCC Chairman Olukoyede expressed his appreciation for the partnership, noting its significant impact on the Commission’s ability to prevent, detect, and prosecute financial crimes. He commended Flutterwave’s expansive reach across Africa and highlighted how this collaboration would enhance Nigeria’s economic landscape security.

The establishment of the Cybercrime Research Centre comes at a crucial time when the evolution of the payments ecosystem has led to increased financial fraud. This public-private partnership between Flutterwave and the EFCC exemplifies how collaboration can effectively address these complex issues, paving the way for a more secure and prosperous economy in Nigeria and across Africa.

As the Flutterwave CEO and his team work alongside the EFCC to bring this vision to life, the Cybercrime Research Centre is poised to become a beacon of innovation in the fight against financial crimes. By fostering collaboration between the public and private sectors, developing advanced tools and technologies, and investing in youth education, this initiative has the potential to reduce the incidence of cybercrime in Nigeria and beyond significantly.

In conclusion, the partnership between Flutterwave and the EFCC to establish the Cybercrime Research Centre represents a milestone in Nigeria’s fight against internet crime. With the Flutterwave CEO at the helm of this initiative, the project promises to usher in a new era of secure digital transactions, youth empowerment, and technological advancement in the fight against financial crimes.