Thousands of miles away in Cameroon, Swiss brothers François and Pascal
Briod were having a light-bulb moment. The Briods first set up a
non-profit organization when they were youngsters to fund projects such
as AIDs prevention workshops in Cameroon. However, despite their good
work, they encountered high fees when transferring the funds they had
raised to the African country. And their regular work visits to Cameroon
were also an eye opener.
“You would see advertising for money transfers everywhere but there was a lack of transparency about it all. Africa has always had a reputation for high money transfer fees; the global average is 7 percent, while in Africa it is still 12 percent,” says François
Together in 2013, the trio founded a price comparison money transfer website and christened it Monito -- think Skyscanner but for money transfers. The business model is simple: users get to choose the best deal within a matter of seconds of entering their search request. Success has been forthcoming for the Swiss entrepreneurs with Monito scooping numerous start-up awards.
In the space of just six years, the founders of Monito have established strong relationships with money transfer operators as well as with their many returning customers. Their goal of saving consumers $28 billion in fees remains an ongoing motivator.
For the complete report click here: : How to find the best rate when sending money abroad - The Local
“You would see advertising for money transfers everywhere but there was a lack of transparency about it all. Africa has always had a reputation for high money transfer fees; the global average is 7 percent, while in Africa it is still 12 percent,” says François
Together in 2013, the trio founded a price comparison money transfer website and christened it Monito -- think Skyscanner but for money transfers. The business model is simple: users get to choose the best deal within a matter of seconds of entering their search request. Success has been forthcoming for the Swiss entrepreneurs with Monito scooping numerous start-up awards.
In the space of just six years, the founders of Monito have established strong relationships with money transfer operators as well as with their many returning customers. Their goal of saving consumers $28 billion in fees remains an ongoing motivator.
For the complete report click here: : How to find the best rate when sending money abroad - The Local
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