Flutterwave teams up with EFCC to tackle financial fraud

Africa’s leading payments technology company, Flutterwave, has partnered with the Economic and Financial Crimes Commission to establish and lead a state-of-the-art Cybercrime Research Center.

In a statement on Thursday, the partnership was formalized on Friday, June 14, 2024, during the signing of a Memorandum of Understanding in Abuja between Flutterwave and the EFCC.

The high-level event was attended by the Executive Chairman of the EFCC, Mr. Ola Olukoyede; the founder and Chief Executive Officer of Flutterwave, Mr. Olugbenga Agboola; the Chief Compliance Officer, Mr. Mobolaji Bammeke; the Director of the American Federal Bureau of Investigation, Mr. Christopher Gray; and other senior officials from both the EFCC and the FBI.

Flutterwave stated that the initiative aims to intensify the fight against internet crime, enhance the security of business transactions, and provide a sustainable lifeline to youths across the country.

Reiterating the company’s dedication to the continent, Agboola said, “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.”

Olukoyede, in his comments, expressed his appreciation for the partnership, noting, “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 MoU was signed by the Secretary of the EFCC, Mr. Mohammadu Hammajoda, and Olugbenga Agboola for Flutterwave, marking a pivotal moment in the collaborative efforts to enhance financial security in Nigeria and beyond.

The Cybercrime Research Center, to be established at the new EFCC Academy, will serve as a hub for advanced research, training, and capacity building in the fight against financial crimes.

The statement read, “It will focus on several key areas, including advanced fraud detection and prevention, collaborative research and policy development, youth empowerment and capacity building, and technological advancement and resource enablement.

“As the payments ecosystem continues to evolve, the prevalence of financial fraud remains a significant challenge, threatening the stability and trust in financial systems.

“This partnership between Flutterwave and the EFCC illustrates how public-private collaboration can effectively address these issues, paving the way for a more secure and prosperous economy in Nigeria and across Africa.”