Global Voice Group (GVG), a provider of IT solutions to governments and regulatory authorities, will at the 2023 RegTech Africa conference discuss and proffer actionable solutions to the $39.89 billion revenue loss globally due to fraud in the telecom industry.
At the conference, GVG would share insights on how revenue assurance in telecom ensures companies bill their clients as per the commercial agreement.
The conference is scheduled to hold from May 24 to 26, 2023 in Lagos with the theme: “Elevating National Policy on Financial Inclusion, Consumer Protection and Cybersecurity.”
Chief Executive Officer, RegTech Media, Cyril Okoroigwe, said the conference is coming at a time when the total revenue loss due to fraud in the telecom industry stands at $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 over bill their customers, leading to disputes and possible base churn,” he said.
Okoroigwe explained that telecom billing is a complex process that comprises interrelated technologies and processes working together to provide a seamless service.
The system, he said, needs to consider tariff rates, special rates, discounts, special services, corporate rates, and more – all at the same time.
He said Regulatory Technology (RegTech), is becoming a key consideration in many African countries.
He listed the benefits of RegTech to 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.