Demand for remittances has been growing in the country owing to the pandemic and the Canadian government’s efforts to boosts immigration.
Digital remittance fintech Azimo has launched in Canada.
Azimo, which launched in Europe since 2012, says users in Canada can now send money to more than 200 countries and territories worldwide
These include countries such as China and the Philippines, which together represent almost 35 per cent of remittances from Canada.
Around 20 per cent of Canada’s population were born overseas, amid growing immigration to the country while international money transfers grown more important for families during the global pandemic.
However, sending remittances costs an average of 6.5 per cent of the amount sent, according to the World Bank.
“The average cost of a remittance sent from Canada is around 5 per cent of the amount sent. That's far too high, and shows that the remittance market isn't working for hard-working people,” said Richard Ambrose (pictured), Azimo’s CEO.