BISSAU, Guinea Bissau, April 22, 2024 /African Media Agency/ – N-Soft, the leading global revenue mobilization provider, is delighted to announce a major partnership with the Ministry of Finance of Guinea-Bissau. The governance technology provider will oversee transactional data across the digital sector, including mobile money, gaming, telecommunications and banking operators, with plans to expand further. With a track record of increasing revenue mobilization by over 30% in the Democratic Republic of Congo (DRC), Mozambique, Sierra Leone, Burundi and other countries, N-Soft is poised to transform completely the economic reality of Guinea-Bissau.
Guinea-Bissau is following in the footsteps of many countries that are turning to governance technology to carry out directives from the International Monetary Fund (IMF). Essentially, with N-Soft’s revolutionary solutions, Guinea-Bissau can infuse transparency into the business landscape and maximize its revenue potential. With this influx of tax revenue, Guinea-Bissau will be able to reduce its current debt, protect itself against crises and reinvest in health, infrastructure, education, etc. This is a crucial step in placing the country on a trajectory of growth and sustainable development.
As expressed by the Minister of Finance, Ilídio Vieira Té: “As Minister of Finance, I am proud to announce our partnership with N-Soft for the implementation of cutting-edge governance technology solutions. This collaboration marks a significant step forward for Guinea-Bissau, allowing us to leverage the potential of our digital sectors, including Mobile Money, Telecommunications, Gaming and Banking. With real-time transaction reporting, we are ready to optimize revenue collection, ensuring all taxes owed are accounted for. This increased transparency not only improves our business environment, but also makes Guinea-Bissau more attractive to external investors. Together, we are paving the way for sustainable economic growth and prosperity.”
In the context of the Third Review of the IMF under the Extended Credit Facility, published on December 12, 2023, this collaboration with N-Soft is particularly timely for Guinea-Bissau. The review projects Guinea-Bissau’s tax revenues at 9.6% of GDP for 2023, with an anticipated increase of around 0.9 percentage points by 2026. This figure shows that the country is poised to accelerate its efforts with N-Soft’s range of solutions.
The growing African market provides fertile ground for digital, financial and gaming services from which to raise taxes. The continent’s gambling market is poised for significant expansion, with estimates suggesting an increase to $3.72 billion by 2029. The mobile money sector is expected to reach $3.44 billion by 2032. Online transaction flows to sub-Saharan Africa are expected to have increased by approximately 1.9% in 2023, reaching $54 billion. Finally, the telecommunications sector, a pillar of digital connectivity, has also seen steady growth, with projections indicating an increase to $3,106.93 billion in 2024. These trends highlight the immense potential for mobilizing revenue for governments like that of Guinea-Bissau.
N-Soft’s revolutionary governance technology is designed to automatically extract, process, load and certify critical data from operators across these four industries. By accurately calculating the revenue generated by all transactions, N-Soft ensures complete visibility into all aspects of economic activities.
Known for its rapid time to value, N-Soft consistently achieves implementation in just 13 weeks, quickly generating value for users. The company also provides in-depth team training for seamless operability and ensures that sensitive data remains secure with local storage solutions. Additionally, N-Soft offers payment plans to meet the unique needs of each nation, including a results-driven model based on revenue actually mobilized with the solution.
Distributed by African Media Agency (AMA) for N-Soft
About N-Soft
Founded in 1986, N-Soft is a government technology (GouvTech) company that enables national authorities to obtain business intelligence, promote transparent business environments and mobilize more national revenue from various digital economic sectors. With ongoing operations in DRC, Sierra Leone and Mozambique, among others, N-Soft is positioned as the leading global provider of revenue mobilization solutions.
For further information or inquiries, please visit www.n-soft.com or email [email protected].
Media contacts:
Emmanuelle Gold
Marketing director
Source : African Media Agency (AMA)
2024-04-22 14:41:25
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