In a strategic move to combat cybercrime, Flutterwave, Africa’s leading Fintech company, has joined forces with the Economic and Financial Crimes Commission (EFCC), to establish a state-of-the-art cybercrime research center in Nigeria.
This collaboration marks a major step in enhancing cybersecurity measures and tackling the growing threat of cybercrime in the country.
Speaking on the collaboration, Mr. Olugbenga Agboola, Founder and CEO of Flutterwave said,
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“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”.
Also commenting, Mr. Ola Olukayode, Executive Chairman of the EFCC, expressed excitement for the partnership. He said,
“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 Center will significantly enhance our capabilities to prevent, detect, and prosecute financial crimes”.
The Memorandum of Understanding (MoU) was signed by the Secretary of EFCC, Mr. Muhammadu Hammajoda, Mr Olugbenga Agboola for Flutterwave, marking a pivotal moment in the collaborative efforts to enhance financial security in Nigeria and beyond.
It is worth noting that before the EFCC partnership with Flutterwave, the chairman Mr. Olakayode had stated that the commission would not spare anyone from cybercriminals on the lower end to the mega ones. He further stated that the center will involve youths in in-depth research about the issue of cybercrime, deploying their energies toward profitable engagements.
Notably, the Cybercrime Research Center will focus on several key areas:
Advanced Fraud Detection and Prevention:
Developing and implementing cutting-edge technologies to detect and prevent financial fraud. The center 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, equipping 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, including protocols for addressing emerging threats such as cryptocurrency-related crimes.
The establishment of the Consortium Led Cybercrime Research Center marks a new chapter in the fight against cybercrime in Nigeria. As the center begins its operations, it is expected to lead to significant advancements in cybersecurity practices and technologies.
The ongoing collaboration between Flutterwave, the EFCC, and other stakeholders will ensure that the center remains at the forefront of cybersecurity research and innovation.