Flutterwave has entered a partnership with Nigeria’s EFCC to establish a Cybercrime Research Center. The center, located at the EFCC Academy, aims to combat internet crimes and enhance online transaction security through research and training. The partnership was solidified with an MoU signing in June 2024.

The event was attended by notable figures, including the Executive Chairman of the EFCC, Ola Olukoyede, the Founder and CEO of Flutterwave, Olugbenga ‘GB’ Agboola, Chief Compliance Officer Mobolaji Bammeke, and the Director of the American Federal Bureau of Investigations (FBI), Christopher Gray.

The initiative aims to develop and implement cutting-edge technologies for detecting and preventing financial fraud. It will also provide comprehensive training for law enforcement and industry professionals to combat financial crimes. Additionally, the center will offer high-end training and research opportunities for 500 youths, equipping them with essential skills for the digital economy.

Moreover, the center will facilitate collaboration and knowledge sharing between the public and private sectors to combat financial crimes, including cryptocurrency-related crimes, by providing access to advanced tools, technologies, and resources.

This partnership comes at a crucial time as the EFCC and the Nigeria Financial Intelligence Unit (NFIU) have recently devised new strategies to address the country’s potential exit from the Financial Action Task Force (FATF) grey list. The aim is to prevent Nigeria from being moved from the grey list to the black list, which could have severe implications for the nation’s financial system.

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