On Tuesday, 11th August 2020, DreamOval, with funding from RGF, organised a virtual launch of Bilbox Remit, a remittance technology solution that facilitates simple and easy remittances.
Billbox Remit empowers financial institutions like banks and mobile money networks with a best-in-class remittance solution that terminates to accounts and wallets. The solution is designed to plug-in easily into any remittance company in the world who seeks to expand its presence across Africa. With in-built anti-money laundering, globally recognized sanction screening and real-time KYC verification algorithms, Billbox Remit helps ensure the right money gets to the right people.
In a remark at the event, Claud Hutchful, CEO of DreamOval Ltd said,
“In 2017, according to the World Bank, remittances contributed approximately 6% to Ghana’s GDP. Dreamoval Limited is proud to have participated in the Remittance Grant Facility challenge to facilitate the flow of remittances through formal channels to underserved Ghanaians.
Dreamoval is a technology company created in 2007 that specialises in financial transactions in Africa and processes millions of transactions annually. The Fintech company works with major financial institutions, government agencies, and merchants to simplify payments and provide a single hub to streamline collections through all various payment channels. With an ultimate vision to harness the power of technology in becoming the largest financial processor of payments in Africa, DreamOval churns out solutions to help customers reduce cash related issues, and accept payment from more sources. Billbox Remit will also have a presence in the other countries DreamOval operates – Zimbabwe and Cote d’Ivoire.
The Remittance Grant Facility (RGF) is a challenge fund established by the Government of Ghana and Switzerland. RGF is financed by Switzerland through the State Secretariat for Economic Affairs (SECO) and managed by KPMG International Development Advisory Services (IDAS).
The overall aim of the RGF is to facilitate the flow of remittances through formal channels to non-banked, under-banked and rural Ghanaians. In the process, it will enhance the impact of remittances on economic growth and poverty reduction. In the long term, the RGF will lead to increased economic growth and a better standard of life for underserved households through more efficient use of remittances. The project also has the potential to introduce new, technologically advanced and replicable business models in the remittance industry in Ghana – in ways that make it cheaper to send money and much more widely available to people.
The event was attended digitally by reps from DreamOval, Stanbic Bank, RGF, KPMG, Fintechs and Banks with a total of 125 top financial executive participants.
Statistics source – Percentage of remittance contribution to Ghana GDP: https://tradingeconomics.com/ghana/remittance-inflows-to-gdp-percent-wb-data.html