Nigerian startup wins fintech competition in US
Regfyl, a startup specialising in anti-money laundering, fraud prevention, and regulatory compliance, has emerged as the winner at the Africa Fintech Summit Pitch Competition in Washington, United States.
The Africa Fintech Pitch Competition is a flagship event of the bi-annual summit that brings together leading fintech innovators, investors and policymakers from across the globe.
According to a statement, Regfyl captivated the judges with its cutting-edge technology that utilises artificial intelligence to provide unparalleled anti-money laundering and fraud prevention solutions, tailored specifically for the diverse and evolving needs of financial institutions in Africa.
The Chief Executive Officer of Regfyl, Dr Tunde Ibidapo-Obe, stated, “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.”
This new win follows Regfyl’s greatly lauded performance as a runner-up at the prestigious Oxford and Cambridge University’s Oxbridge AI Challenge in London, UK, in December 2023.
The startup said it was poised for rapid growth, especially with the recent drive by the Central Bank of Nigeria to combat financial crimes and improve regulatory compliance in Nigeria.
The Chief Technical Officer, Dr Tomiwa Erinosho, remarked, “Regfyl’s AI-powered toolkit excels in accuracy, particularly 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.”
