The UK-Nigeria Remittance Corridor : Challenges of Embracing Formal Transfer Systems in a Dual Financial Environment
The UK-Nigeria remittance corridor has an equal dominance of formal and informal remittance intermediaries. Although several formal financial institutions for transferring money exist in the UK, many people choose to send money informally. More col...
| Main Authors: | , |
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| Format: | Publication |
| Language: | English en_US |
| Published: |
Washington, DC: World Bank
2012
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2007/01/7735313/uk-nigeria-remittance-corridor-challenges-embracing-formal-transfer-systems-dual-financial-environment http://hdl.handle.net/10986/6654 |
| Summary: | The UK-Nigeria remittance corridor has
an equal dominance of formal and informal remittance
intermediaries. Although several formal financial
institutions for transferring money exist in the UK, many
people choose to send money informally. More collaboration
between the UK and Nigeria is necessary to develop the
remittance market, to encourage the use of formal channels,
and to enhance the development potential. Among its
benefits, the remittance country partnership (RCP) between
UK and Nigeria aims to reduce the cost of remittance
transfers. The Nigerian government is engaging its diaspora
to help spur economic growth. This report recommends that
each government focus on improving data collection at its
end of the corridor and do more research to provide its
policymakers and its private sector with accurate information. |
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