Nigerian fintech startup Regfyl emerged as the winner of the Africa Fintech Summit Pitch Competition held in Washington, United States.

Regfyl is a fintech startup that specializes in fighting money laundering, preventing fraud, and ensuring regulatory compliance.

Renowned as a flagship event that brings together the leading fintech innovators, investors, and policymakers from various parts of the globe, the Africa Fintech Pitch Competition is a bi-annual summit that celebrates excellence in tech.

Regfyl captivated the judges at the event with its outstanding cutting-edge technology that is effective in utilizing artificial intelligence to provide solutions to money laundering and fraud prevention. It is designed specifically to solve the needs of financial institutions in Africa.

Reacting to the win, the Chief Executive Officer of Regfyl, Dr. Tunde Ibidapo-Obe, 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.”

It will be recalled that in December 2023, Regfyl recently finished as runner-up at the highly rated Oxford and Cambridge University’s Oxbridge AI Challenge in London, UK.

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This new win is proof of the company’s consistency in living up to its standards.

Regfyl further said it was motivated to grow further by the recent drive of the Central Bank of Nigeria to fight financial crimes and improve regulatory compliance in the country.

Dr. Tomiwa Erinosho, the Chief Technical Officer of the fintech platform, 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 use of Regfyl is extremely important in Africa, which has suffered bad leadership as leaders embezzle huge amounts of money through financial institutions inappropriately.