Flutterwave and EFCC collaborate to launch cutting-edge cybercrime research center

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Flutterwave, Africa’s premier payments technology company, has joined forces with the Economic and Financial Crimes Commission (EFCC) to establish and lead a state-of-the-art Cybercrime Research Center. This groundbreaking partnership was officially cemented on June 14, 2024, with the signing of a Memorandum of Understanding in Abuja.

The signing ceremony was a high-profile event, graced by notable figures including the Executive Chairman of the EFCC, Mr. Ola Olukoyede, Flutterwave’s founder and CEO, Mr. Olugbenga Agboola, Chief Compliance Officer Mr. Mobolaji Bammeke, FBI Director Mr. Christopher Gray, and senior officials from both the EFCC and the FBI.

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Flutterwave emphasized that this initiative aims to ramp up efforts against internet crime, enhance the security of business transactions, and offer a sustainable future for the youth across Nigeria.

“As Africa’s largest payments infrastructure company, we are unwavering in our commitment to secure and safe transactions,” Agboola stated. “This initiative highlights our dedication to fostering a fraud-free financial ecosystem and leading the way in transaction security across Africa. We commend the EFCC for their tireless efforts in combating internet fraud and other financial sector crimes.”

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Mr. Olukoyede expressed his gratitude for the partnership, acknowledging, “The EFCC is greatly impressed with Flutterwave’s progress and reach across Africa. This collaboration represents a monumental step in our mission to fight financial crimes and ensure a secure financial environment for Nigerians. The Cybercrime Research Center will significantly boost our capacity to prevent, detect, and prosecute financial crimes.”

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The MoU was signed by EFCC Secretary, Mr. Mohammadu Hammajoda, and Flutterwave’s Olugbenga Agboola, marking a pivotal moment in the joint efforts to bolster financial security in Nigeria and beyond.

According to the official statement, the center will focus on advanced fraud detection and prevention, collaborative research and policy development, youth empowerment and capacity building, and technological advancement and resource enablement.

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As financial fraud continues to pose a significant threat to the stability and trust in financial systems, this partnership between Flutterwave and the EFCC showcases how effective public-private collaboration can address these issues. This collaboration sets the stage for a more secure and prosperous economy in Nigeria and across Africa.

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