Flutterwave has partnered with the Economic and Financial Crimes Commission (EFCC) to address rising incidents of fraud by establishing a cutting-edge cybercrime research center in Nigeria. This collaboration comes after Flutterwave suffered significant financial losses to fraud over recent years.
The payment company recently obtained a court order to recover $24 million lost through unauthorized POS transactions. In addition, Flutterwave reported a loss of N11 billion ($7 million) to multiple accounts in April 2024.
The memorandum of understanding was signed on June 14 in Abuja by Flutterwave’s CEO, Olugbenga Agboola, and EFCC Secretary Mohammadu Hammajoda. Other notable attendees included EFCC Chair Ola Olukoyede and Christopher Gray from the FBI.
Agboola highlighted that Flutterwave has extensive knowledge of internet fraudsters, often referred to as Yahoo Boys. He explained that the new center would train anti-corruption agents using advanced technological tools to detect and prevent cybercrimes.
“The cybercrime research center is essential due to the growing threat of internet fraud, which could undermine the stability and trust in financial systems if left unchecked,” said Agboola.
The CEO noted that the center, to be housed at the EFCC Academy, will focus on advanced fraud detection, collaborative research, policy development, youth empowerment, capacity building, technological advancement, and resource enablement.
Play audio
No comments