The Economic and Financial Crimes Commission (EFCC) and Flutterwave, a leading African payments technology company, have signed a Memorandum of Understanding (MoU) to establish a Cybercrime Research Centre at the new EFCC Academy, according to the anti-graft agency of Nigeria.

Both organisations see the cybercrime collaboration as a significant effort to enhance digital security and strengthen the financial sector across Nigeria and Africa.

The key figures at the signing ceremony included Mr. Ola Olukoyede, Executive Chairman of the EFCC; Mr. Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave; Mr. Mobolaji Bammeke, Chief Compliance Officer of Flutterwave; and Mr. Christopher Gray, Director of the American Federal Bureau of Investigations (FBI), among other senior officials.

According to Flutterwave, the Cybercrime Research Centre will focus on several critical areas to enhance digital security and combat financial crimes.

One of the primary goals is youth empowerment, with plans to train 500 young Nigerians in digital security skills, preparing them for the challenges of the digital economy.

According to the EFCC, the partnership not only enhances the security of financial transactions, but also creates sustainable opportunities for the youth, marking a strategic progression towards a robust digital economy in Nigeria and beyond Africa’s borders.

Key features of the Initiative:

• Advanced Fraud Detection and Prevention: Developing and implementing cutting-edge technologies to detect and prevent financial fraud.
• Collaborative Research and Policy Development: Creating a platform for joint research initiatives to improve regulatory frameworks and financial governance.
• Youth Training Programmes: Equipping young Nigerians with skills in cyber defence, digital forensics, and fraud prevention to create job opportunities and foster economic growth.
• Technological Advancements: Providing essential resources and technologies to enhance the investigation and prosecution.