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Best RegTech Solution

Best RegTech Solution for GVG’s M3 at the Africa FinTech and AI Awards

Global Voice Group’s Mobile Money Monitoring (M3) is the Best RegTech Solution, according to the jury of the Africa FinTech & AI Awards. Over the past three years, the platform received positive attention from various international awards. In 2021, M3 was a finalist in the East Africa Com Awards. In 2022, the platform was the winner of the Data Management Partner for Regulatory Compliance category of Central Banking’s Fintech & Regtech Global Awards. This year, it has won no fewer than three awards. Indeed, in addition to the Best RegTech solution award, M3 earned GVG the “Most Innovative RegTech Solutions Provider Award” and the “Best Reg Tech Solution Provider Award” from Digital Banker Africa. What makes M3 such a relevant and impactful solution in the digital financial ecosystem?

It addresses a key service: Mobile Money

The M3 solution helps optimize the governance of an industry that has been acknowledged for its contribution to financial inclusion, the narrowing of the gender gap and the achievement of the digital economy in Africa: Mobile Money (MM).

MM is widely accessible on the continent and has thus enabled a large unbanked population to access formal financial services. However, its very success makes it vulnerable to fraud, and a fertile terrain for money laundering and terrorism financing. Such issues can undermine its financially inclusive benefits.

As a result, it requires enhanced oversight on the part of government agencies, regulators, and central banks. MM oversight is essential to ensure the compliance and security of the ecosystem, and therefore to build trust among users. It is also necessary to help fully realize MM’s potential as a driver of financial inclusion.

It enables optimal MM oversight

GVG developed M3 to bridge this oversight gap. Indeed, the solution connects the relevant regulatory authorities directly to the MM ecosystem. It thus enables the effective and comprehensive collection and analysis of transactional data. Equipped with this data, the authorities obtain clear visibility over the MM services. This better informs the policymaking process and optimizes the governance of this dynamic ecosystem.

Through M3, GVG works in partnership with regulatory bodies and financial institutions, assisting them in meeting industry standards and regulatory requirements and in ensuring the transparency, compliance, and security of MM services. These capacities certainly played a decisive role in the Africa FinTech & AI Awards recognizing M3 as the Best Regtech Solution.

In the Republic of Congo, the ARPCE took the initiative to implement M3 in 2019. Since then, the platform has been a “real game-changer”, as testified by the regulatory authority itself. Indeed, M3 enabled the latter to access reliable data from the MM ecosystem. This greatly improved its compliance monitoring and AML capabilities, for enhanced overall oversight of the market.

It brings technological innovation

Looking at the acknowledgements M3 has garnered so far, innovation stands out as one of the qualities that have driven the juries’ decision. The East Africa Com Awards, for example, acknowledged M3 as a “highly commended innovative product”. Digital Banker Africa, for its part, crowned GVG “Most Innovative RegTech Solutions Provider”, specifically in relation to M3.

Innovation is certainly the name of the game for GVG when it comes to designing RegTech solutions. The groundbreaking technology behind M3 addresses the urgent need for an effective MM measurement tool to support good governance. It also addresses the need for traceability of transactions, providing the relevant actors with digital intelligence and reliable analytics.

The very first M3 implementation goes back to 2013. Over time, the platform has evolved to offer more sophisticated functionalities and enhanced capabilities, with the option of both real-time and near-real-time data collection, to adapt to the changing needs of regulatory authorities in the face of the digital transformation. Currently, M3 brings the benefits of Regtech to five countries in Africa and is being implemented in two more.

M3: Best RegTech Solution according to the Africa FinTech & AI awards

The Best RegTech Solution Award from the Africa FinTech & AI Awards testifies to the performance of M3 when it comes to optimizing MM governance and benefits. The Africa FinTech & AI Awards 2023 works with leaders in FinTech and AI to select Award winners. Actors from the private sector, academia and FinTech associations constitute the panel of judges.

The award ceremony took place at the Serena Hotel in Dar Es Salaam on the evening of 8 November. Mr. Raymond Basse, Operation Project Manager at GVG, accepted the Best RegTech Solution award on behalf of the company. Reporting back on the event, Mr. Basse stated: “It was a great satisfaction to see our commitment and hard work as a team being officially recognized once again. This is the whole company’s win! I would also like to thank our clients and partners for their trust.”

James Claude, our CEO, responded enthusiastically to the news of the award: “GVG has made it its mission to put data-driven technology at the service of governments, regulatory authorities, and central banks, to support them in their oversight remits. Having one of our technological platforms selected as Best RegTech Solution is therefore an honor. I would like to sincerely thank the Africa FinTech & AI Awards for this recognition, which testifies to the performance of our M3 solution.”

At GVG, we believe that relevance and innovation are the qualities that have contributed to making M3 an award-winning solution in the RegTech arena. Beyond the mere technological aspect, GVG also commits to supporting governments when it comes to stimulating development in Africa through the digital revolution.

Want to read about M3’s victory in the Central Banking FinTech and RegTech Global Awards 2022? Click here.