To counteract Internet fraud and fortify the security of online commercial transactions, Flutterwave, a leading African electronic payment company, formed a strategic alliance with the Economic and Financial Crimes Commission and the Federal Bureau of Investigations (FBI) of the United States to build a cutting-edge cybercrime research centre in Nigeria. 

Flutterwave CEO Olugbenga Agboola and representatives of the security agencies, including Mohammadu Hammajoda, EFCC secretary, signed a memorandum of understanding on June 14 to formalise the partnership, the first of its kind in the West African nation under President Bola Tinubu administration.

EFCC chair Ola Olukoyede and Christopher Gray for the FBI were present at the MoU signing where Mr Agboola said Flutterwave, a company well-versed with the tactics of Internet fraudsters known as Yahoo Boys, would train anti-corruption agents using sophisticated tech tools and techniques to detect and prevent these crimes.

Mr Agboola said the cybercrime research centre became necessary due to the prevalence of Internet fraud, which, if left unaddressed, could destroy the stability and hard-earned trust in financial systems.

The state-of-the-art centre, to be built at the EFCC academy, would 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.

Mr Agboola said the research centre reaffirmed Flutterwave’s commitment to “promoting secure and safe transactions” and “creating a fraud-free financial ecosystem” across African countries.

The tech mogul also commended the efforts of the EFCC, Nigeria’s financial crime police, in tackling cyber fraud and bringing perpetrators to book.

“We applaud the EFCC’s relentless efforts to combat internet fraud and other illicit activities in the financial sector,” Mr Agboola said on June 14.

Mr Olukoyede commended Flutterwave for making giant strides in Africa.

He said the cybercrime research centre was a step in the right direction to equip operatives with the knowledge and skills “to prevent, detect, and prosecute financial crimes.”

“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 anti-corruption boss stated.

He added, “The cybercrime research centre will significantly enhance our capabilities to prevent, detect, and prosecute financial crimes.”