Flutterwave has partnered with Nigeria’s Economic and Financial Crimes Commission (EFCC) to establish a cutting-edge Cybercrime Research Center aimed at combating internet crimes and ensuring secure online transactions. This strategic initiative was formalized through a Memorandum of Understanding (MoU) signed on June 14, 2024, in Abuja, marking a significant step towards enhancing cybersecurity and financial integrity in Nigeria.
The Cybercrime Research Center, to be housed at the new EFCC Academy, will serve as a focal point for advanced research, training, and capacity building. It aims to equip law enforcement and industry professionals with state-of-the-art tools and knowledge to detect, prevent, and prosecute financial crimes effectively.
At the signing ceremony, attended by key stakeholders including EFCC’s Executive Chairman Ola Olukoyede and Flutterwave’s Founder and CEO Olugbenga Agboola, both parties expressed their commitment to fostering a fraud-free financial ecosystem. Agboola emphasized Flutterwave’s dedication to promoting secure transactions, applauding EFCC’s efforts in combating internet fraud and illicit financial activities.
Olukoyede acknowledged the partnership’s pivotal role in bolstering EFCC’s capabilities, affirming that the Cybercrime Research Center will significantly enhance their ability to combat financial crimes. The initiative aligns with Nigeria’s broader strategy to strengthen its regulatory framework and combat emerging challenges such as cryptocurrency-related crimes.
The Cybercrime Research Center is set to provide comprehensive training opportunities for 500 youths, preparing them with essential skills for the digital economy. It will also facilitate collaboration between public and private sectors, fostering information sharing and leveraging advanced technologies to mitigate cyber threats and financial fraud.
In a proactive move, the initiative seeks to address Nigeria’s regulatory concerns, particularly in light of recent warnings from the Securities and Exchange Commission (SEC) about potential risks associated with certain cryptocurrencies. This partnership underscores a collective effort to safeguard Nigeria’s financial sector integrity and promote responsible digital transactions.
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