Cybercrime is not only a threat to organisations, but a threat to society as it can entice young people to go down a dark path. Both firms and governments across the globe have a duty to do all they can to intensify the fight against internet crime and looking to do so in Nigeria, Flutterwave, the African paytech, has partnered with Nigeria’s Economic and Financial Crimes Commission (EFCC).
The new partnership will establish a Cybercrime Research Centre which will be led by Flutterwave. Its purpose is to protect youths and enhance the security of business transactions.
The pledge was formalised on June 14, 2024, during the signing of a memorandum of understanding (MoU) in Abuja between Flutterwave and the EFCC. This high-level event was attended by:
- Ola Olukoyede, executive chairman of the EFCC
- Olugbenga ‘GB’ Agboola, founder and CEO of Flutterwave
- Mobolaji Bammeke, the chief compliance officer
- Christopher Gray, the director of the American Federal Bureau of Investigations (FBI)
Other senior officials from both the EFCC and the FBI were in attendance too.
Olugbenga Agboola, CEO of Flutterwave, reiterated the company’s dedication, stating: “As the largest payments infrastructure company in Africa, we are committed to promoting secure and safe transactions.
“This initiative underscores our commitment to creating a fraud-free financial ecosystem and leading the charge in safeguarding transactions across Africa. We applaud the EFCC’s relentless efforts to combat internet fraud and other illicit activities in the financial sector.”
Ola Olukoyede, executive chairman of the EFCC, expressed his appreciation for the partnership, noting: “The EFCC is impressed with the strides and expanse of Flutterwave across Africa.
“This partnership marks a significant leap forward in our efforts to combat financial crimes and ensure a secure financial landscape for Nigerians. The Cybercrime Research Centre will significantly enhance our capabilities to prevent, detect, and prosecute financial crimes.”
The Cybercrime Research Centre
As the payments ecosystem continues to evolve, the prevalence of financial fraud remains a significant challenge, threatening the stability and trust in financial systems. This partnership between Flutterwave and the EFCC exemplifies how public-private collaboration can effectively address these issues. Together, they will pave the way for a more secure and prosperous economy in Nigeria and across Africa.
The Cybercrime Research Centre, to be established at the new EFCC Academy, will serve as a hub for advanced research, training, and capacity building in the fight against financial crimes. It will focus on several key areas:
Advanced fraud detection and prevention
Developing and implementing cutting-edge technologies to detect and prevent financial fraud. The centre will offer comprehensive training for law enforcement and industry professionals to combat modern financial crimes effectively.
Collaborative research and policy development
Engaging in joint research initiatives and policy formulation to enhance the understanding and regulation of financial crime. The center will provide a platform for the exchange of ideas and best practices between the public and private sectors.
Youth empowerment and capacity building
Providing high-end training and research opportunities for 500 youths. It will also equip them with the skills needed to navigate and excel in the digital economy.
Technological advancement and resource enablement
Creating a repository of advanced tools, technologies, and resources to support financial crime investigations. This includes protocols for addressing emerging threats such as cryptocurrency-related crimes.
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