Global Voice Group Supports Small Farmers and ‘Smart Villages’ Initiatives Through the Dr. Louis G. Lamothe Foundation

We have stepped up our social commitment, which has materialized though several charity projects for more than a decade, by pursuing a partnership with the Dr. Louis G. Lamothe Foundation. We are playing the role of main donor to this foundation, which was created just under two years ago, by financing initiatives that contribute to the well-being and thriving of the most vulnerable communities.

The Dr. Louis G. Lamothe Foundation was founded in order to bring concrete and sustainable solutions to poverty and social exclusion in Haiti. Without neglecting first-aid assistance ̶ which it has provided to several hundreds of Haitian families since 2016 ̶ the Foundation favors a long- term social transformation approach. It encourages the consultation and involvement of communities in the building of a more inclusive Haiti.

Read the full Press Release, here.

FinTech as a driver of financial progress in Nigeria

Financial technology (FinTech) is redefining the Nigerian banking landscape for the better, by enhancing the efficiency, security, scalability, reliability and affordability of existing banking services, and by enabling the creation of new, innovative ones. A report published by Finextra in 2011 revealed that mobile money operations in Nigeria had grown from an average monthly transaction value of 5 million dollars to 142.8 million dollars in 2016. It is also hoped that FinTech will make it possible to address the remaining challenges that have arisen from these services, like cybercrime, the exponential growth of the customer base and the increasing popularity of cryptocurrencies such as Bitcoin, which are said to facilitate tax evasion and money laundering, as well as to be lacking any form of control or consumer protection against fraud.

Available data shows that Nigeria is becoming Africa’s FinTech hub, after having experienced a boost in mobile banking operations as a result of the considerable increase in mobile subscriptions. Not only is FinTech helping to build a more efficient banking system, it also promotes financial inclusion in the country, by providing unbanked citizens with practical, yet still formal, alternatives such as mobile money.

The financial exclusion rate has thus kept on diminishing since 2008, from 53% that year to 39.7% in 2013. It is still unclear whether FinTech represents a challenge or an opportunity for banks, but the latter have acknowledged the competitive edge it can give them. It is thus in their interest to take the necessary steps to embrace the emerging technological innovations.

Read the whole article.

Mobile apps: South Africans’ preferred way to bank

Mobile banking is South African people’s preferred way to access banking services and to resolve potential issues. This was revealed by the Customer Experience in Banking Survey, which was carried out in nine different countries, including South Africa. The study also showed that a positive customer experience was highly important for South Africans, who are most likely, compared to the citizens of the other nine countries included in the study, to complain formally to their bank about unsatisfactory customer service.

That being said, South Africans are also keen users of online banking, and still like to have the option to speak to a person if needed, provided that the quality of the customer service meets their expectations. Digital technologies, such as Virtual Financial Advisors (VFAs), may thus be an ideal solution for South African clients to get satisfactory resolution of their banking inquiries.

Read the whole article.

Rwandans favor Mobile Money to Make Digital Payments

According to Monique Nsanzabaganwa, Deputy Governor of Rwanda’s Central Bank, 95% of the online payments in the country are made via Mobile Money services. This is a sign that Rwanda is making relatively smooth progress on its journey towards a cashless economy, journey which started in 2008. This progress is also reflected in a considerable increase in the number of points of sale (PoS), credit cards and mobile money agents in the country between 2010 and 2016.

However, many Rwandans seem concerned about the security of digital payment channels and still prefer to carry cash, despite the government’s assurance that these systems are perfectly safe to use. The government also needs to reduce the cost of digital financial services to encourage their use among the Rwandan population. Nevertheless, Rwanda is now a close second to Kenya, among the countries of the East African Community (EAC), when it comes to going cashless.

Read the whole article.

India intent on leading the global digital fight for financial inclusion

Over the past few years, India has been going from innovation to innovation to promote financial inclusion through technology. During a seminar on financial inclusion organized by the United Nations, Shri Ravi Shankar Prasad, Union Minister for Electronics & Information Technology and Law & Justice, made clear India’s intention to become a leader in transformative digital technology.

The purpose of this initiative is to promote digital inclusion, with a view to providing the Indian population, including marginalized groups, with fair and easy access to formal financial services. All the transformative programmes that the country has implemented so far are technology-based and have digital inclusion as a common thread. The emphasis is on making technology affordable, inclusive and developmental.

Read the whole article.

The IMF calls for the intensification of the fight against Money Laundering and Terrorist Financing

For the past two decades or so, the International Monetary Fund (IMF) has been supporting many governments’ efforts to intensify the fight against money laundering and the financing of terrorism, in close cooperation with its members and with the Financial Action Task Force (FATF). Part of the IMF’s work when it comes to these illegal practices consists of implementing the measures known as AML/CFT, which aim to allow for the identification of suspicious financial flows.

However, the IMF is aware of the fact that protecting the financial systems from criminal misuse is going to require more work, as well as enhanced international cooperation, especially in the following three areas: the fight against corruption and tax evasion, the promotion of effective ways to combat the financing of terrorism and the facilitation of the access to correspondent-banking services for small and fragile economies. The Fund is currently focusing on the development of practical solutions, by involving the various stakeholders. So far, it has provided 120 countries with technical assistance on AML/CFT.

Read the whole article.

Ghana’s innovation in financial inclusion gets the World Bank’s stamp of approval

Ghana’s efforts to promote financial inclusion through technology have been acknowledged and lauded by the World Bank.

The country has introduced a number of digital financial platforms, such as mobile money, to provide more people with access to formal banking services. The results of this innovation have convinced the World Bank to keep on supporting Ghana in its endeavor, which, according to the institution, is bound to raise the country’s economic status.

Read the whole article.

Structuring Big Data for optimal government efficiency with GVG’s solutions

Global Voice Group (GVG) has developed three solutions  ̶  IMS, ARMS and DMS ̶  that allow the relevant regulatory authorities to structure, and thus harness the power of, the Big Data yielded by the telecommunications sector, for planning, development, control and security purposes. These solutions respectively monitor the different flows of telephone traffic in a given country, the revenue yielded by the full spectrum of telecom services and the data traffic.

Thus equipped, the regulatory authorities are able not only to optimize their revenue from the telecoms sector, but also to generate additional revenue for development purposes, through the implementation of micro-levies on a variety of transactions. Furthermore, GVG’s solutions play a significant role in the strengthening of national security, as they allow for the monitoring of mobile money systems, which are now widely used for financing terrorist cells and other criminal activities.

Read the whole article.

Using technology to provide government revenue for development

Global Voice Group’s Interconnection Management System (IMS) leverages ICTs and real-time data technologies to allow telecoms regulators to monitor any country’s national and international interconnection traffic efficiently. In this way, the IMS allows for the accurate calculation and billing of levies to be paid to government by the telecoms companies from the interconnection rates. This, is in stark contrast with to the self-declaratory systems which used to be prevalent in certain these countries, leaving many loopholes for dishonesty and fraud.

GVG pioneered this innovative approach to providing revenue for government coffers, commencing with emerging countries in Africa. This system has now become a reference across the world, from Africa to other countries and regions, and is helping many governments raise revenue to address burning development platforms issues in their countries.

Through the innovative IMS system, countries governments can raise money to improve education and health, reduce poverty, and provide for infrastructure in their countries—without increasing their foreign debt or becoming too reliant on development funds. With the available funds dwindling year by year, it would be prudent for these countries to demonstrate a modicum of independence and wean themselves off external funding.

Read the full article.