e-Transactions Safety: EFCC, Flutterwave to establish Cybercrime Research Centre, empower 500 Nigerian youths

*Ola Olukoyede, Executive Chairman of Nigeria’s Economic and Financial Crimes Commission, says the proposed Cybercrime Research Centre will significantly enhance the West African country’s ‘capabilities to prevent, detect, and prosecute financial crimes’

Gbenga Kayode | ConsumerConnect

Flutterwave, a Nigerian Financial Technology (FinTech) and payments firm, has disclosed it is partnering with the Economic and Financial Crimes Commission (EFCC) to establish a state-of-the-art Cybercrime Research Centre to further protect electronic transactions in the country’s payments ecosystem.

ConsumerConnect reports the company stated the objective of the collaboration is to intensify the ongoing offensive against cybercrime and enhance the security of business transactions in the digital space.

The Silicon Valley-based FinTech company recently inked a Memorandum of Understanding (MoU) with the EFCC, in Abuja, FCT.

Mohammadu Hammajoda, Secretary of EFCC, and Mr. Olugbenga Agboola, Founder of Flutterwave signed the MoU.

Also present on the occasion of the MoU signing between the two organisations, were Mr. Ola Olukoyede, Executive Chairman of EFCC; Agboola, Founder of Flutterwave; Christopher Gray, Director of the US Federal Bureau of Investigation (FBI) and other senior officials from both the EFCC and the Bureau.

Flutterwave with fortunes worth over $1billion headquartered in San Francisco, United States (US) with footprints in Nigeria and other African countries, also said the proposed cybercrime research centre would offer a “sustainable lifeline to youths across the country”.

Earlier in his remarks, the EFCC stated Olukoyede said: “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.”

Cybercrime Research Centre to create fraud-free financial ecosystem, says Agboola

Speaking on the MoU also, Agboola commented: “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.”

According to Agboola, the Cybercrime Research Centre to be established at the new EFCC Academy, in Abuja, would serve as a hub for advanced research, training, and capacity building in the fight against financial crimes in Nigeria.

Areas of focus of the centre include advanced fraud detection and prevention, collaborative research and policy development, youth empowerment and capacity building, technological advancement and resource enablement, among other key areas.

The anti-graft Commission further said: “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.”

It equally said: “Collaborative Research and Policy Development: Engaging in joint research initiatives and policy formulation to enhance the understanding and regulation of financial crime.

“The centre will provide a platform for the exchange of ideas and best practices between the public and private sectors.”

EFCC targets empowerment of 500 Nigerian youths with high-end training, opportunities

On empowerment of energetic Nigerian youths, the EFCC noted:
“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.”

Olugbenga Agboola established Flutterwave in 2016, with its corporate headquarters in San Francisco, United States, and operational Head Office in Lagos State.

The FinTech firm was said to have grown within a short time, penetrating the African market with customisable payments applications through its unique Application Programming Interface, in the e-Payments and financial space.

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