SmartComply Expands into the UK Market
SmartComply is making significant strides by expanding its operations into the UK, strategically positioning itself in one of the globe’s busiest remittance and cross-border payments markets. This expansion is seen as a pivotal move for the African compliance technology firm as it broadens its reach and services.
Launch of AI-Powered Compliance Platform
On Tuesday, the company revealed its plans to register its UK operations and introduce ‘Adhere,’ a cutting-edge artificial intelligence-driven platform for anti-money laundering (AML), Know Your Customer (KYC), and fraud detection. Adhere is specifically designed to assist UK financial institutions in managing compliance risks tied to transactions involving African payment routes.
Addressing Increased Regulatory Pressures
This initiative responds to the mounting regulatory pressures and escalating compliance costs faced by UK banks, money transfer firms, and fintech companies involved in transactions with sub-Saharan Africa. Correspondent banking relationships in this region have dwindled by over 25% in the last decade, as global financial institutions retreat from high-risk markets, a trend highlighted by World Bank and SWIFT data.
Cost of Remittances to Sub-Saharan Africa
Currently, the UK’s remittances to sub-Saharan Africa surpass £4 billion annually. However, the average cost of remitting money to this region is around 8.5%, significantly higher than the United Nations’ target of 3%. SmartComply aims to ease these challenges by enhancing financial institutions’ confidence in handling transactions with Africa.
Tailored Compliance Solutions for African Markets
Unique in its offerings, SmartComply asserts that Adhere is designed specifically for African financial systems and their distinct payment behaviors. This focus sets it apart from many global compliance platforms that primarily cater to European and North American markets. Adhere delivers features such as real-time transaction monitoring, automated KYC and Know Your Business (KYB) verification, sanctions and political exposure screening, as well as audit-ready reporting tools.
Enhanced Fraud Monitoring and Reduced Workloads
SmartComply highlights that Adhere already oversees transactions worth over $1 billion every month across its African network. Users of the platform have reported a 70% reduction in the manual compliance workload and a notable 40% decrease in false fraud alerts, improving operational efficiency significantly.
Partnerships and Compliance Standards
Earlier this year, SmartComply became a certified technology partner in the Mastercard Engage Partner Program, giving the firm extensive access to various financial institutions and compliance ecosystems worldwide. The platform also adheres to the Central Bank of Nigeria’s baseline standards for AML solutions by March 2026, continuously updating its compliance intelligence in line with evolving global regulations including FATF, GDPR, and Nigeria’s NDPA framework.
Positioning as a Pan-African Compliance Solution
With its launch in the UK, SmartComply now operates in Nigeria, Kenya, and the UK, pursuing its vision to establish itself as a leading pan-African compliance infrastructure provider for global financial institutions engaged with the continent. As the demand grows for tailored compliance solutions, SmartComply is poised to facilitate the integration of African payment infrastructures into the global financial system.
