As Africa’s financial ecosystem continues its rapid digital transformation, the urgency to rethink and modernize compliance infrastructure has never been greater. Sitting at the intersection of trust, technology, and scale is Sigma, an AI-powered solution developed by Pastel, Africa’s leading enterprise AI company, which took center stage at an exclusive breakfast meeting held in collaboration with FintechNGR.
Hosted at the Civic Centre, Lagos, Pastel’s second Breakfast Meeting brought together stakeholders from across the fintech ecosystem, including traditional banks, payment platforms, and infrastructure providers, to discuss how artificial intelligence can support faster, more trustworthy compliance across the continent.
Themed “Technology for Trust: Reinventing Compliance in the Age of Artificial Intelligence,” the event reflected a rising consensus: traditional methods, manual reporting, siloed systems, and reactive oversight are no match for today’s fraud risks and digital scale.
“Sigma is built for our context. It’s not an imported fix. It’s a purpose-built platform trained on African data, CBN regulations, and local transaction behavior,” said Abuzar Royesh, CEO of Pastel. “It delivers real-time clarity, traceability, and performance. We’re helping institutions turn compliance from burden to advantage.”
According to the 2024 Nigeria Inter-Bank Settlement System (NIBSS) Fraud Report, Nigerian banks recorded a ₦52.26 billion loss to fraud, a 196% increase from the previous year. This sharp rise highlights the pressing need for intelligent, real-time tools that can match the scale and speed of digital financial transactions in Nigeria and across the continent.
Africa loses $50 billion annually to illicit financial flows, and among the 24 countries on the FATF greylist, 12 are in Africa. This situation risks increased scrutiny of cross‑border transactions, tighter due diligence requirements, and potential impacts on investment and trade opportunities. Beyond financial losses, such reputational effects underline the urgency for strengthened, tech‑enabled compliance systems that promote transparency and build confidence in Africa’s financial ecosystem.
At the heart of the event was Sigma, Pastel’s flagship AI-powered solution, already being deployed by a growing number of Nigerian institutions. Built using local regulatory models and datasets, Sigma offers real-time fraud detection, anti-money laundering, automated reporting, comprehensive customer risk assessment, and more features that position it as the standard for compliance infrastructure in African banking.
“Sigma isn’t just regtech, it’s performance tech,” said Anthony Amodu, CRO at Pastel. “It’s how African financial institutions can keep up with the pace of change while meeting global regulatory expectations.”
A diverse set of voices echoed the same sentiment across panels and fireside sessions. Wede Thompson of Optimus Bank highlighted the trust equation: “Regulation is ultimately about trust. If we want to build that trust using artificial intelligence, banks, fintechs, and regulators must work in lockstep and with the end customer in mind,” he said.
The first panel discussion featured Babafemi Ogungbamila, EVP, Operations & Technology, Interswitch; Arini Awotunde, CFO, Coronation Merchant Bank; Bola Fatai, CCO of Katsu Network, and Pastel’s CEO, Abuzar Royesh. Each stressed the need for explainability, accountability, and regulatory alignment in AI-powered systems. “Artificial intelligence should enhance, not just automate compliance,” said Ogungbamila. “We must ensure innovation and ethics move together,” added Awotunde.
A second panel featured Ifeoluwa Adekunle Yusuf, VP, Products & Engineering at Zest Payments, Olumide Okubadejo, Head of Product, Data and AI at Sabi, and Olurunleke White, Senior Data Scientist at Pastel. The session focused on human-centered design in compliance technology. “Compliance should make life easier, not harder,” Yusuf noted. “Trust is built when users can understand and interact with the system,” White added.
The keynote speaker, Seun Folorunsho, representing Stanley Jacob, President of FintechNGR and CEO of Zest Payment Limited, contextualized the global stakes: “Non-compliance is extremely costly. Financial institutions around the world are spending over $200 billion annually on AI tools for regulatory assurance. Nigeria must move in step with that reality.”
Closing the session, Yeyetunde Caxton-Martins, Head of People and Operations at Pastel, remarked, “This gathering reaffirms a simple truth: building intelligent, African-designed compliance infrastructure is not optional—it’s foundational. Sigma is not just a product. It’s a response to an urgent need for systemic clarity, accountability, and performance.”
With the success of its second edition, Pastel’s Breakfast Meeting is now a defining platform shaping what the future of compliance in Africa should look like in an AI-powered world.
Explore more at www.pastel.africa
About Pastel
Pastel is a technology company building intelligent systems that power financial efficiency and operational resilience across the continent. Pastel helps institutions improve decision-making through AI and data-driven solutions tailored to Africa’s regulatory and operational landscape.
Its flagship platform, Sigma, enables financial institutions to monitor risk, detect fraud, meet regulatory obligations in real time, and more. Pastel Africa combines advanced machine learning with local expertise to deliver infrastructure that supports smarter,
