Regfyl, a company based in Nigeria specializing in anti-money laundering (AML), fraud prevention solutions, and regulatory compliance, emerged as the winner at the Africa Fintech Summit Pitch held in Washington D.C. The competition, a flagship event of the bi-annual summit, brought together Fintech innovators, investors, and policymakers from various regions.
Regfyl won the competition with its advanced technology that utilizes Artificial Intelligence (AI) to offer effective anti-money laundering (AML) and fraud prevention solutions tailored to the evolving needs of financial institutions in Africa.
Dr. Babatunde Ibidapo-Obe, the CEO of Regfyl, expressed gratitude for the recognition, emphasizing the potential of their solution to address compliance challenges such as fraud and AML. He highlighted Regfyl’s commitment to providing solutions compliant with global standards at affordable local prices to mitigate forex fluctuation risks.
Dr. Tomiwa Erinosho, the CTO of Regfyl, highlighted the accuracy of Regfyl’s AI-powered toolkit, particularly its self-populating politically exposed person (PEP) identification module. He mentioned the company’s substantial investment in research to support rapidly scaling institutions and enhance efficiency for fraud detection and compliance teams across Nigeria and beyond.
Regfyl’s success in Washington D.C. follows its recent recognition as a runner-up at the Oxford Cambridge University’s AI Challenge in London, UK, in December 2023. Erinosho noted that Regfyl is poised for rapid growth, especially considering the recent efforts by the Central Bank of Nigeria to combat financial crimes and improve regulatory compliance in the country.
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