Remittances, or the transfer of money by a foreign workers to an individuals in their home countries, are huge, especially in countries with large migrant and immigrant populations. How big? Well, US$440-billion in 2010, of which US$325-billion went to developing countries, involving some 192-million migrants or 3.0% of world population. That’s a number which will only have grown in the intervening years.
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The trouble is, the hefty fees charged by many remittance service providers can end up crippling the most vulnerable people using them. South African mobile social startup Mama Money is hoping to change that in a big way.
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