Flutterwave has partnered with the Economic and Financial Crimes Commission (EFCC) to establish a cutting-edge cybercrime research center in Nigeria.
This initiative comes in response to recent significant financial losses suffered by the payment technology company due to fraud.
Flutterwave, a leading payment technology company in Africa, has faced substantial financial setbacks due to cybercrime.
Recently, the company obtained a court order to recover $24 million lost to unauthorized Point of Sale (POS) transactions.
Also, Flutterwave reportedly lost N11 billion ($7 million) to fraudulent accounts in April 2024. These incidents have underscored the urgent need for enhanced cybersecurity measures.
The partnership was formalized through a memorandum of understanding (MoU) signed on June 14 in Abuja by Flutterwave’s CEO, Olugbenga Agboola, and EFCC Secretary, Mohammadu Hammajoda.
The signing ceremony also saw the presence of EFCC Chair, Ola Olukoyede, and Christopher Gray representing the FBI, among other notable figures.
Agboola emphasized Flutterwave’s expertise in combating internet fraud, particularly the tactics employed by notorious fraudsters known as Yahoo Boys.
He highlighted that the new cybercrime research center would equip anti-corruption agents with advanced technological tools and techniques to detect and prevent cybercrimes.
“The state-of-the-art center, 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, technological advancement, and resource enablement,” Agboola stated.
The establishment of the cybercrime research hub is a proactive step to address the rampant internet fraud that threatens the stability and trust in Nigeria’s financial systems.
The collaboration aims to enhance the capabilities of EFCC operatives in preventing, detecting, and prosecuting financial crimes.
Ola Olukoyede, the EFCC Chair, praised the initiative as a significant leap forward in the fight against financial crimes.
“The cybercrime research center will significantly enhance our capabilities to prevent, detect, and prosecute financial crimes,” Olukoyede remarked. “The EFCC is impressed with Flutterwave’s strides across Africa, and this partnership marks a crucial step towards ensuring a secure financial landscape for Nigerians.”
The partnership between Flutterwave and the EFCC signifies a robust commitment to cybersecurity, aiming to create a safer and more secure financial environment in Nigeria.
This initiative not only addresses immediate financial threats but also aims to build a resilient framework to combat future cybercrimes effectively.
With the launch of the cybercrime research hub, Flutterwave and the EFCC are set to lead the charge against financial fraud, ensuring that the Nigerian financial sector remains secure and trustworthy for all stakeholders.
