By EA Trade Review Reporter
The World Bank jointly with the African Union has launched an online database to help Africans in the Diaspora to send money cheaply.
The online database will help increase transparency about prices and stimulate greater competition among service providers.
The database, Send Money Africa, is a years-in-the-making partnership between the Bank, the African Union Commission, and donors.
Through its interface, migrants can compare the cost that remittance service providers charge to send a particular amount to a given country.
“Send Money Africa will stimulate competition among the service providers and ultimately induce a reduction of the costs,” said Richard Cambridge, manager of the Africa Diaspora programme in the World Bank’s Africa Region.
“As a result, remittance senders and recipients will benefit from transparent, efficient, less costly remittance services.”
The Bank estimates that about 120 million people in Africa receive money from about 30 million relatives and friends who left their home country, for a total of US$ 40 billion a year.