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RegTech Africa Confab: GVG to address $39.89bn telecom revenue loss from fraud

RegTech Africa Confab: GVG to address $39.89bn telecom revenue loss from fraud

Global Voice Group (GVG), a major provider of world-class IT solutions to governments and regulatory authorities, will at the 2023 RegTech Africa Conference discuss and proffer actionable solutions to $39.89billion revenue loss globally due to fraud in the telecom industry.

Scheduled to hold between 24th – 26th May, 2023 in Lagos-Nigeria, with the theme: ‘Elevating National Policy on Financial Inclusion, Consumer Protection and Cybersecurity’, the conference is coming at a time when the total revenue loss due to fraud in the telecom industry was $39.89 billion, with additional 28 billion lost globally in uncollected revenue, according to the CFCA Global Telecommunications Fraud Loss Survey in 2021.

With razor-thin margins, fierce competition, and constant attempts by fraudsters to swindle companies, telecom businesses cannot afford to lose more money on their billing.

Neither can they overbill their customers, leading to disputes and possible base churn.

At the 2023 Regtech Africa Conference, GVG will share insights on how revenue assurance in telecom ensures that the company bills its clients as per the commercial agreement.

Cyril Okoroigwe, CEO, RegTech Media, explained that telecom billing is a complex process that comprises interrelated technologies and processes working together to provide a seamless service.

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The system he said needs to consider tariff rates, special rates, discounts, special services, corporate rates, and more – all at the same time.

Regulatory Technology (RegTech), is becoming a key consideration in many African countries.

The benefits of RegTech he said include fraud detection and transaction monitoring as well as increasing telecom tax collections.

“There is a range of avenues for revenue leakage in telecom operations. Operators that rely solely on lower rates to beat the competition may not survive in the long term. Those that invest in revenue assurance technology solutions will not only provide great service but also raise their revenue by plugging in the leaks.

“Telecom operators need to match their revenue assurance processes with the technologies of the future, such as 5G. Current 5G deployments are not widespread and telecom operators can absorb any losses.

“However, given the rate of 5G adoption, telecom companies need to start modernising their revenue assurance processes now,” Okoroigwe said.

He said smart businesses must prepare their systems to automate every touchpoint, including billing, charging policies, and fraud detection.

He further said traditional revenue assurance systems are of little value because they alert when the damage is already done.

He explained that with the sheer volume and velocity of data in 5G, there is a need to act in real time, adding that a unified fast data platform should address revenue assurance needs during the entire life cycle in one seamless motion.

He also added that this would detect any threats as they happen and take decisions regarding anomalies in milliseconds.

For organisations on the digital transformation journey, he said agility is key in responding to a rapidly changing technology and business landscape.

“Now more than ever, it is crucial to deliver and exceed organisational expectations with a robust digital mindset backed by innovation. Enabling businesses to sense, learn, respond, and evolve like a living organism, will be imperative for business excellence going forward.”

Regtech Africa Conference is the premier Conference on regulatory services innovation and excellence with focus on Africa. It provides the platform for regulators, regulated and key industry stakeholders to engage, collaborate and share knowledge around new technologies and practices that support better regulations.

The maiden edition of the conference, held in partnership with the Bill & Melinda Gates Foundation, was hugely successful and boasts of high-level representation of businesses and regulators across key sectors such as financial services, technology, telecommunications and Venture Capital companies.