In a groundbreaking initiative to counteract internet fraud and fortify the security of online commercial transactions, Flutterwave, a prominent African electronic payment company, has formed a strategic alliance with the Economic and Financial Crimes Commission (EFCC) and the Federal Bureau of Investigations (FBI) of the United States. This partnership aims to establish a cutting-edge cybercrime research center in Nigeria, marking a significant milestone in the fight against financial crimes under President Bola Tinubu’s administration.
The collaboration was formalized on June 14, 2024, with the signing of a Memorandum of Understanding (MoU) in Abuja between Flutterwave CEO Olugbenga Agboola and representatives of the security agencies, including EFCC Secretary Mohammadu Hammajoda. EFCC Chair Ola Olukoyede and Christopher Gray, who were representing the FBI, along with other senior officials from the EFCC and the FBI, graced the event.
During the MoU signing, Agboola emphasized Flutterwave’s commitment to training anti-corruption agents using sophisticated tech tools and techniques to detect and prevent internet crimes. As a company well-versed in the tactics employed by internet fraudsters, often referred to as “Yahoo Boys,” Flutterwave recognizes the urgent need for a cybercrime research center to address the growing threat of financial fraud, which could undermine the stability and trust in financial systems if left unchecked.
The state-of-the-art center, set to be built at the EFCC Academy, will focus on seven key areas: advanced fraud detection and prevention, collaborative research and policy development, youth empowerment and capacity building, technological advancement, and resource enablement. By leveraging cutting-edge technologies and fostering collaboration between the public and private sectors, the center aims to enhance the capabilities of law enforcement agencies in preventing, detecting, and prosecuting financial crimes.
Agboola reaffirmed Flutterwave’s dedication to promoting secure and safe transactions and creating a fraud-free financial ecosystem across African countries. He commended the EFCC’s relentless efforts in tackling cyber fraud and bringing perpetrators to justice, stating, “We applaud the EFCC’s relentless efforts to combat internet fraud and other illicit activities in the financial sector.”
In turn, Olukoyede praised Flutterwave for making significant strides in Africa and emphasized the importance of the cybercrime research center in equipping operatives with the knowledge and skills necessary to combat financial crimes effectively. He expressed his enthusiasm for the partnership: “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.”
Establishing the cybercrime research center represents a crucial step in addressing the evolving challenges of financial fraud in the rapidly changing payments ecosystem. By bringing together the expertise of Flutterwave, the EFCC, and the FBI, this initiative aims to create a sustainable lifeline for youths nationwide while intensifying the fight against internet crime.
As the center commences operations, it is expected to serve as a hub for advanced research, training, and capacity building, empowering law enforcement agencies and industry professionals with the tools and knowledge necessary to combat modern financial crimes effectively. Through collaborative efforts and the development of cutting-edge technologies, Flutterwave and its partners are determined to create a more secure and prosperous economic landscape for Nigeria and the African continent.