Africa: AU, WB launch remittances database

The World Bank and the African Union have taken steps to lower the cost of sending remittances to and within Africa by launching an online database that 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. As a result, remittance senders and recipients will benefit from transparent, efficient, less costly remittance services,' said Richard Cambridge, Manager of the Africa Diaspora Program in the World Bank’s Africa Region.