Fintech
Nigerian startup wins fintech competition in US
Regfyl, a startup specializing in anti-money laundering, fraud prevention and regulatory compliance, has emerged as the winner of the Africa Fintech Summit Pitch Competition in Washington, US.
The Africa Fintech Pitch Competition is a biennial summit flagship event that brings together leading fintech innovators, investors and policymakers from around the world.
According to a statement, Regfyl captivated the judges with its cutting-edge technology that uses artificial intelligence to provide unprecedented anti-money laundering and fraud prevention solutions, specifically tailored to the diverse, evolving needs of financial institutions in Africa.
Regfyl CEO, Dr Tunde Ibidapo-Obe, said: “Winning this competition highlights the transformative potential of our solution in addressing compliance challenges such as fraud and anti-money laundering. We provide compliance solutions that comply with global standards at affordable local prices, mitigating forex fluctuation risks.”
This new victory follows Regfyl’s highly acclaimed performance as runner-up at the prestigious Oxbridge AI Challenge at the University of Oxford and Cambridge in London, UK, in December 2023.
The startup said it is poised for rapid growth, especially with the Central Bank of Nigeria’s recent commitment to combat financial crimes and improve regulatory compliance in Nigeria.
Technical Director Dr Tomiwa Erinosho highlighted: “Regfyl’s AI-based toolkit excels in accuracy, particularly the self-populating Politically Exposed Persons (PEP) identification module.
“The company has also invested heavily in research to support rapidly growing institutions, improving the efficiency of anti-fraud and compliance teams across Nigeria and beyond.”