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International transfer of funds (also known as remittance) plays an important role in the global economy. Existing research has studied the impact of international remittances on economic development, poverty, employment, and education. In developing countries such as Lesotho, remittances constitute 20% – 30% of the gross domestic product (World Bank, 2006). Policy makers worldwide have made an attempt to reduce the historically high cost of international remittances. Statistics Canada, for example, has recently launched a Study on International Money Transfers to provide better understanding of the costs of international money transfers. Many financial institutions have limited their involvement with remittances due to the associated risk with money services businesses and as result the cost of international remittances is very high. This project will examine the implementation of an online tool as an alternative channel of remittance which could substantially reduce the cost of international money transfers. TO BE CONT’D
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