By Kelvin LOTSU
Recently, I was in the beautiful city of Mombasa, Kenya where I participated in the 2024 edition of the annual technology conference, TICON Africa Conference. I was lucky and grateful to the organisers for giving me the opportunity to make a presentation and I seized it to talk about Gavazo and its revolutionary features that is transforming the remittance industry.
Under the topic, ‘Revolutionizing Remittances: How Gavazo Simplifies Exchange Rate Comparisons’, I delivered an eye-opening discourse on the transformation of the international remittance ecosystem and shed light on the importance of accessible data in making informed decisions, especially in the realm of cross-border money transfers.
Setting the stage for data-driven decision making
In my presentation, I began by reminding the audience that the future of sustainable development in Africa is intricately tied to the power of data and the role of ICT solutions in shaping that future.
I stressed that while technology is progressing, one latent yet crucial aspect—the effective use of data to optimize remittance decisions—has often gone unnoticed. Data, to me, is the cornerstone of decision-making processes, offering a simple analogy to illustrate my point.
Think of how we buy commodities as basic as tomatoes from the market. Experienced buyers walk up and down the aisles, collecting data on the quality and price of the product by interacting with multiple sellers. Once they have gathered enough information, they make a decision based on their scale of preference. This is precisely how people approach international remittances today.
This anecdote was key in highlighting how individuals, when faced with a decision as critical as sending money across borders, engage in a form of market research—albeit informal. Similarly, many people tend to check multiple remittance apps before settling on one that offers the best exchange rate, a process that can take anywhere from five to 10 minutes.
The reality of remittance disparities
I delved deeper into my own experience, offering a compelling personal anecdote that resonated with the audience. As a member of my old school association, I was tasked with receiving contributions of US$100 from members living abroad for a project. However, what should have been a straightforward task revealed the underlying complexities of the remittance landscape.
I noticed that each US$100 sent resulted in different amounts in local currency. The highest amount I received was GH¢1,573, while the lowest was GH¢1,508. That’s a difference of GH¢65. In this simple yet stark example, I exposed the hidden costs that often plague international money transfers, especially for people who are unaware of the wide variance in exchange rates offered by different service providers.
Extrapolating this to a larger scale, I pointed out that for every US$1,000 remittance, a person could potentially lose GH¢650 simply by not opting for the most favorable exchange rate.
It is for this reason that Gavazo was born. To give users the best possible value when it comes to cross-border money transfers.
Gavazo – a game changer in the remittance space
At the heart of Gavazo’s offering is its ability to simplify the remittance process through seamless exchange rate comparisons. The platform uses advanced data analytics and web crawling to provide users with real-time rates from multiple service providers, ensuring that they get the best deal possible. Gavazo’s role is essentially that of an intermediary, offering transparency and efficiency to an often opaque industry.
I emphasized that the founder and president of Gavazo, Charles Bokor, residing in the United States, had experienced these disparities firsthand. Charles noticed that despite the number of remittance service providers available, the disparity in exchange rates was striking. This observation, coupled with the desire to bridge the gap in value loss for users, drove the creation of Gavazo.
Gavazo has positioned itself as a solution for anyone sending money abroad, whether it’s for personal reasons, such as family support, or for business purposes like paying international vendors or contractors. The platform ensures that users are empowered to make the best financial decisions quickly and without the stress of manual rate comparison.
A practical demonstration and a memorable conclusion
One of the highlights of my presentation came in the form of a live demonstration of Gavazo’s capabilities. Inviting a volunteer from the audience to participate, I showcased how the platform works in real time. Using an example of transferring £1,000 from the United Kingdom to Kenya, the volunteer compared rates from multiple remittance service providers. The best rate offered KES171,500, while the lowest came in at KES165,339.70—a difference of KES6,161.
The simplicity of the comparison, combined with the significant difference in the value returned to the user, left the audience both surprised and impressed. Many attendees were seen nodding in agreement, clearly recognizing the value of a platform like Gavazo in today’s fast-paced, globally connected world.
In my concluding remarks, I appealed to the audience to spread the word about Gavazo and become ambassadors of Gavazo in their respective countries. I also encouraged participants to advocate for the platform in their local communities and among their professional networks.
Audience reception and impact
The audience response to the presentation was overwhelmingly positive. From fintech professionals and policy makers to entrepreneurs and cyber security and network experts, the attendees were captivated by the clarity and relevance of the message. By drawing parallels between everyday market interactions and complex financial decisions, I succeeded in making the concept of data-driven remittance decisions accessible to everyone.
The future of remittances in Africa
As Africa continues to embrace ICT solutions to drive sustainable development, platforms like Gavazo are set to play a pivotal role in transforming the financial landscape. With millions of Africans living abroad and sending billions of dollars back home each year, the need for fair, transparent, and efficient remittance systems has never been more pressing.
By the end of the TICON Africa conference, Gavazo had firmly established itself as a key player in this transformation, offering not just a solution to the problem of exchange rate disparities but also positioning itself as a platform that promotes financial literacy and empowers users to make informed decisions.
My presentation not only showcased the innovative potential of Gavazo but also sparked an important conversation on the future of remittances in Africa. As the session concluded, it was clear that Gavazo was no longer just a platform but a movement—one that could very well revolutionize the remittance industry across the globe.
>>>the writer is a representative of Gavazo. He was speaking at the recently held three-day TICON Africa 2024 conference in Mombasa, Kenya. For more information on Gavazo and its services, visit [www.gavazo.com](http://www.gavazo.com)
