In a groundbreaking collaboration, Flutterwave, a leading African electronic payment company, has partnered with the Economic and Financial Crimes Commission (EFCC) and the Federal Bureau of Investigations (FBI) to establish a state-of-the-art cybercrime research center in Nigeria. The strategic alliance, spearheaded by Flutterwave CEO Olugbenga ‘GB’ Agboola, aims to counteract internet fraud and fortify the security of online commercial transactions.
The partnership was formally sealed on June 14, 2024, with the signing of a Memorandum of Understanding (MoU) between Flutterwave CEO Olugbenga Agboola and representatives of the security agencies, including Mohammadu Hammajoda, EFCC secretary. The event, which took place in Abuja, marked the first collaboration of its kind in West Africa under President Bola Tinubu’s administration. EFCC chair Ola Olukoyede and Christopher Gray from the FBI were also present at the MoU signing ceremony.
During the event, Flutterwave CEO Olugbenga Agboola highlighted the company’s expertise in understanding the tactics employed by internet fraudsters, commonly known as “Yahoo Boys.” He pledged that Flutterwave would train anti-corruption agents using sophisticated tech tools and techniques to effectively detect and prevent these crimes.
Agboola emphasized the urgent need for the cybercrime research center, citing the prevalence of internet fraud as a threat to the stability and hard-earned trust in financial systems. He stated, “As Africa’s largest payments infrastructure company, 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.”
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, and technological advancement and resource enablement. Flutterwave CEO Olugbenga Agboola reaffirmed the company’s dedication to promoting secure transactions and creating a fraud-free financial ecosystem across African countries. He also commended the EFCC’s relentless efforts in tackling cyber fraud and bringing perpetrators to justice.
EFCC chair Ola Olukoyede praised Flutterwave for its impressive strides in Africa, stating, “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.” He emphasized that the cybercrime research center would significantly enhance the EFCC’s capabilities to prevent, detect, and prosecute financial crimes.
The collaboration between Flutterwave, EFCC, and FBI underscores the importance of public-private partnerships in addressing the challenges posed by cybercrime. By combining Flutterwave’s financial technology expertise with the security agencies’ investigative prowess, the cybercrime research center aims to develop cutting-edge tools and techniques to combat financial crimes effectively.
As the payments ecosystem continues to evolve, establishing the cybercrime research center represents a proactive measure to safeguard the integrity of financial transactions and protect the youth from falling prey to cybercrime. This initiative strengthens the fight against economic crimes and provides a sustainable lifeline to the younger generation by equipping them with the skills necessary to thrive in the digital economy.
Under the leadership of Flutterwave CEO Olugbenga ‘GB’ Agboola, the cybercrime research center is poised to make significant strides in combating internet fraud, fostering a secure financial landscape, and empowering the youth to navigate the digital world with confidence. This partnership marks a new chapter in the fight against cybercrime in Nigeria and serves as a model for other African nations to emulate.