Australian Tongans able to remit money home more cheaply
Canberra, AUSTRALIA — The International Finance Corporation says Australian-based Tongans can now access a digital product that significantly cuts the costs of remitting money.
'Ave Pa'anga Pau cuts the fees that international agencies apply to money transfers and the IFC says Tongans have been paying some of the highest rates in the world.
'Ave Pa'anga Pau was introduced into New Zealand three years ago and is now available in Australia thanks to the IFC, which is a member of the World Bank group.
The launch of 'Ave Pa'anga Pau in Australia comes at a crucial time with remittances a key source of income for Tongan families, and even more vital now given the devastating impacts of the Covid-19 pandemic.
The Tonga Prime Minister Pohiva Tu'i'onetoa said "remittances are of great importance to the economy of Tonga and 'Ave Pa'anga Pau is an important cog in helping lift prosperity for our people."