TawiPay, a Switzerland-based money transfer comparison website, has been launched to handle the excessive fees incurred by migrants sending money overseas.
According to data from World Bank, the Sub-Saharan African overseas workers pay an average of 12% in fees.
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However, a fair transfer fee of 5%, proposed by independent organisations, would result in an additional $3bn inflow of money in the Sub-Saharan African countries.
In order to close this unfair cost gap, four European entrepreneurs have created TawiPay website with a list of options to send money abroad.
The money transfer comparison website aims to decrease remittance fees dramatically and therefore allow more money to arrive abroad.
TawiPay is fully independent from existing money transfer services and totally free of charge.
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