TDB launches new money transfer service

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With technical assistance from the International Finance Corporation, Tonga Development Bank (TDB) launched a new voucher remittance service called ‘Ave Pa’anga Pau’.

The launch was keynoted by the Prime Minister of Tonga, Akilisi Pohiva, stating, “Tonga’s economy is heavily dependent on remittances from Tongan communities overseas, however, transferring money to Tonga has become challenging”. The Prime Minister also cited the high costs of making transfers by commercial means and the non-compliance of some local money transfer operations with strict rules around international money transfer. Because of these challenges, the government had asked the Tonga Development Bank to help in keeping the remittance channel open. The Prime Minister added, “TDB is viewed as trustworthy and stable and is committed to the development of Tonga.”

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