Regfyl, a Nigerian startup specializing in Anti-Money Laundering (AML), fraud prevention, and regulatory compliance, has emerged as the winner of the Africa Fintech Summit Pitch competition held recently in Washington D.C.
Regfyl, powered by Artificial Intelligence (AI), offers an all-in-one platform designed to help African businesses combat fraud and streamline regulatory compliance. The competition, a highlight of the bi-annual Africa Fintech Summit, brought together leading fintech innovators, investors, and policymakers from around the world.
The startup clinched the top prize with its cutting-edge AI technology, which provides advanced AML and fraud prevention solutions tailored to the specific needs of African financial institutions. This technology is designed to address the diverse and evolving regulatory challenges across the continent.
Upon receiving the award, Dr. Tunde Ibidapo-Obe, CEO of Regfyl, remarked, “Winning this competition highlights the transformative potential of our solution in tackling compliance challenges such as fraud and AML. We provide global-standard compliance solutions at affordable local prices, mitigating forex fluctuation risks.”
Dr. Tomiwa Erinosho, CTO of Regfyl, emphasized the platform’s technical prowess, stating, “Regfyl’s AI-powered toolkit excels in accuracy, particularly with its self-populating politically exposed person (PEP) identification module. The company has also invested heavily in research to support rapidly scaling institutions, enhancing efficiency for fraud and compliance teams across Nigeria and beyond.”
This victory follows Regfyl’s impressive performance as a runner-up at the prestigious Oxford Cambridge University’s Oxbridge AI Challenge in London, UK, in December 2023.
Regfyl’s win is timely, aligning with the recent efforts by the Central Bank of Nigeria to combat financial crimes and improve regulatory compliance within the country. The startup is poised for rapid growth, reflecting its pivotal role in the financial technology landscape of Africa.