CEO, Regfyl, Dr. Tunde Ibidapo-Obe.

A Nigerian startup firm, Regfyl, which specialises in Anti-Money Laundering AML, fraud prevention, and regulatory compliance, has emerged as the winner at the Africa Fintech Summit Pitch held recently in Washington D.C., the United States.

Powered by Artificial Intelligence AI, Regfyl is an all-in-one platform for businesses in Africa to combat fraud and simplify regulatory compliance.

The competition is a flagship event of the bi-annual summit that brings together leading Fintech innovators, investors and policymakers from across the globe.

Regfyl won with its cutting-edge technology that utilises AI to provide unparalleled anti-money laundering AML and fraud prevention solutions, tailored specifically for the diverse and evolving needs of financial institutions in Africa.

Lawyer and CEO of Regfyl, Dr. Tunde 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. We provide global-standard compliance solutions at affordable local prices, 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.

“The company has also invested heavily in research to support rapidly scaling institutions, enhancing efficiency for fraud and compliance teams across Nigeria and beyond.”

The new win follows Regfyl’s greatly lauded performance as a runner-up at the prestigious Oxford Cambridge University’s – Oxbridge AI Challenge in London, UK, in December 2023.

Regfyl is timely and poised for rapid growth especially with the recent drive by the Central Bank of Nigeria CBN to combat financial crimes and improve regulatory compliance in the country.