Nigeria’s Regfyl, which specialises in Anti-Money Laundering (AML), fraud prevention solutions and regulatory compliance, has emerged winner at the Africa Fintech Summit Pitch which held recently in Washington D.C.
Regfyl emerged as a winner with its cutting-edge technology that utilises Artificial Intelligence (AI) to provide unparalleled anti-money laundering (AML) and fraud prevention solutions, designed for the diverse and evolving needs of financial institutions in Africa.
The competition is a flagship event of the bi-annual summit that brings together leading Fintech innovators, investors and policymakers from across the globe.
The Chief Executive Officer (CEO) of Regfyl, Dr Babatunde Ibidapo-Obe, while receiving the award, said: “Winning this competition highlights the transformative potential of our solution in tackling compliance challenges such as fraud and AML.”
Dr Ibidapo-Obe said that at Regfyk, they provide solutions in compliance with global standards and at affordable local prices, thereby mitigating forex fluctuation risks.
CTO of Regfyl, Dr Tomiwa Erinosho, said: “Regfyl’s AI-powered toolkit excels in accuracy, particularly its self-populating politically exposed person (PEP) identification module.
He said the company has also invested heavily in research to support rapidly scaling institutions, enhancing efficiency for fraud detection and compliance teams across Nigeria and beyond.
Regfyl’s win at Washington DC followed its recent much-lauded performance as a runner-up at the prestigious Oxford Cambridge University’s – Oxbridge AI Challenge in London, UK, in December 2023.
Erinosho said Regfyl is set and poised for rapid growth especially considering the recent drive by the Central Bank of Nigeria to combat financial crimes and improve regulatory compliance in Nigeria.
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