While Western Union and MoneyGram are options for individuals wanting to send money back home to families in Africa, a new approach, MERGIMS, is rumored to be a better option. Founded by Muhire Louis-Antoine and Niyo-Mugabo Gilbert, MERGIMS is said to trump international money services as pricing is substantially lower, Humanipo reported.

Set to launch at the end of 2014, the founders are looking to secure funds from angel investors and venture capital organizations, the report said. Still, the earning potential, Louis-Antoine says, is great enough to push forward with business plans.

“If you take into consideration that the African diaspora sent more than $60 billion just in 2012, you get the idea how the remittance world is a major league business. In other words, bring in a viable business idea and for sure you will make enough money,” he said.

Last year, BBC reported that Ghanaian professor Adams Bodomo discovered that remittances from Africans in the diaspora surpassed Western aid. According to his findings, in 2010, western donors contributed $43 billion to Africa while remittances totaled $51.8 billion.

Aiming to cancel out mismanagement and stolen remittances by eliminating person-to-person transactions, eventually MERGIMS will also provide exportation services for African business owners.

Products, services and events that MERGIMS supports include weddings, funerals, real estate, food and education materials, according to Humanipo.

“We are actually starting by providing the services to East African families which include Rwanda, Kenya, Tanzania, Burundi and Uganda. According to our growth strategy, we will be able to expand our services to the whole continent within five years,” Louis-Antoine said.