We at Moni believe that for too long traditional Money Transfer Operators (MTOs) have been charging extortionate fees, effectively imposing an unfair tax on the "bottom billion". For millions of foreign workers living abroad who send money home regularly there has been little choice, until now, but to use these MTos and pay bloated commissions, endure slow transaction processing and accept poor exchange rates.
Moni was born out of this personal frustration. When Laurence's mother was critically ill and he needed to send money home urgently, he quickly discovered the pain, inconvenience and expensive fees that immigrants all over the world are painfully familiar with.
It seemed that, unlike in many other aspects of our life, technology has not yet disrupted this one area of our lives. The way we send money has not significantly changed in more than 100 years.
So Laurence and Fernando saw an opportunity to bring the benefits of mobile technology into this still unchanged area of money transfers, and offer a simpler, more convenient and fairly priced money transfer service that would be available 24 hours a day.
401 Bay Street, 16th Floor
Toronto, ON, M5H 2Y4 Canada
Phone: 1 (416) 363-0400