Gbenga Agboola's Flutterwave joins forces with EFCC to establish cybercrime research center in Nigeria

Oluwatosin Racheal Alabi -

Key points:

  • Flutterwave, led by Nigerian entrepreneur Olugbenga Agboola, joined forces with EFCC to establish a Cybercrime Research Center in Nigeria to combat internet crime.
  • The center will focus on advanced fraud detection, policy development, and youth empowerment.
  • This initiative aims to enhance financial transaction security and provide valuable opportunities for Nigerian youths.

San Francisco and Lagos-based fintech giant Flutterwave, led by Nigerian multimillionaire tech entrepreneur Olugbenga Agboola, has joined forces with the Economic and Financial Crimes Commission (EFCC) to create a Cybercrime Research Center in Nigeria. This joint effort aims to fight internet crime, improve the security of business transactions, and offer valuable opportunities for Nigerian youths.

Partnership formalized

On June 14, 2024, EFCC Secretary Mohammadu Hammajoda and Flutterwave CEO, Olugbenga Agboola signed a Memorandum of Understanding (MoU). This agreement formalizes their strategic partnership. It hughlight both parties’ commitment to tackling cybercrime and fostering a safer financial ecosystem.

The Cybercrime Research Center will be located at the new EFCC Academy. It will serve as a hub for advanced research, training, and capacity building to fight financial crimes effectively. The center will focus on several key areas. It aims to develop and implement cutting-edge technologies for detecting and preventing financial fraud.

This initiative will include comprehensive training for law enforcement and industry professionals. It will equip them with the necessary skills to combat modern financial crimes effectively.

Partnership focus areas and goals

Additionally, the center will engage in joint research initiatives and policy formulation to enhance the understanding and regulation of financial crime. It will provide a platform for the exchange of ideas and best practices between the public and private sectors.

An important aspect of the center’s mission is youth empowerment and capacity building. It will offer high-end training and research opportunities to 500 youths. These programs will equip them with essential skills to navigate and excel in the digital economy.

Furthermore, the center will create a repository of advanced tools, technologies, and resources to support financial crime investigations. This includes developing protocols to address emerging threats, such as cryptocurrency-related crimes. Agboola emphasized the company’s dedication to ensuring secure financial 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,” Gbenga emphasized.

EFCC Executive Chairman Ola Olukoyede 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. The Cybercrime Research Center will significantly enhance our capabilities to prevent, detect, and prosecute financial crimes,” he expressed.

This partnership between Flutterwave and the EFCC shows how public-private collaboration can effectively address issues in the payments ecosystem and tackle financial fraud, which threatens the stability and trust in financial systems.

Flutterwave has become a frontrunner in Africa’s ongoing payments revolution, with headquarters in both San Francisco and Lagos, and has solidified its position as Africa’s most valuable tech startup after its valuation climbed to $3.2 billion.