UK-Nigeria Remittance Corridor Challenges of Embracing Formal Transfer Systems in a Dual Financial Environment

• Main Authors: Hernandez-Coss, Raul, Egwuagu Bun, Chinyere
• Format: eBook Book
• Language: English
• Published: Herndon World Bank Publications 2007; The World Bank; Washington, DC: World Bank
• Edition: 1
• Series: World Bank Working Papers
• Subjects: ACCOUNT HOLDERS; ACCOUNT-TO-ACCOUNT; ACQUISITION; ADB; ANTI-MONEY LAUNDERING; AVERAGE REMITTANCE; BALANCE OF PAYMENTS; BANK ACCOUNT; BANK BRANCHES; BANK DATA; BANK DRAFT; BANK DRAFT PAYMENTS; BANK OF ENGLAND; BANK TRANSFER; BANK TRANSFERS; BANKING SUPERVISION; BANKS; CASH-TO-CASH; CENTRAL BANKS; CHILD LABOR; CITIZEN; CITIZENS; CITIZENSHIP; CLEARING HOUSE; COLLECTIVE; COLLECTIVE REMITTANCES; COMMERCIAL BANK; COMMUNITIES OF ORIGIN; COMMUNITY DEVELOPMENT; COMPANY; COMPENSATION OF EMPLOYEES; CONTRIBUTION OF REMITTANCES; CORRESPONDENT BANKS; COST OF LIVING; COST OF TRANSFERS; COUNTRY OF ORIGIN; CURRENCY CONVERSIONS; DATA ON REMITTANCES; DEVELOPING COUNTRIES; DEVELOPMENT IMPACT OF REMITTANCES; DEVELOPMENTAL IMPACT; DIASPORA; DISSEMINATION; DUE DILIGENCE; Economic conditions; ECONOMIC GROWTH; ECONOMIC OPPORTUNITIES; ELDERLY; ELECTRONIC FUNDS; ELECTRONIC FUNDS TRANSFER; ELECTRONIC PAYMENTS; Emigrant remittances; Emigrants; EMIGRATION; EMPLOYEE COMPENSATION; ESTATE; ETHNIC GROUP; ETHNIC GROUPS; EUROPEAN CENTRAL BANK; EXCHANGE RATE; EXTENDED FAMILY; FAMILY MEMBERS; FARMS; FEDERAL GOVERNMENTS; Financial economics; FINANCIAL INSTITUTIONS; FINANCIAL INTERMEDIARIES; FINANCIAL PRODUCTS; FINANCIAL SERVICES; FINANCIAL SYSTEMS; FOREIGN CURRENCY; FOREIGN DIRECT INVESTMENT; FOREIGN EXCHANGE; FOREIGN EXCHANGE RATES; FORMAL MONEY TRANSFERS; FORMAL TRANSFER SYSTEMS; FUNDS FLOW; GOVERNMENT INITIATIVES; Great Britain; HOME COUNTRIES; HOUSING; HUMAN TRAFFICKING; HUMANITARIAN AFFAIRS; IMMIGRANTS; INCOME; INDIVIDUALS; INFORMAL REMITTANCE; Informal sector; Informal sector (Economics); INFORMAL TRANSFER; INITIATIVES ON REMITTANCES; INTERNATIONAL MONEY ORDER; INTERNATIONAL REMITTANCE; INTERNATIONAL REMITTANCE SYSTEMS; LEGAL FRAMEWORK; LEGAL STATUS; LEGISLATION; LIMITED; LOCAL CURRENCY; MARKET COMPETITION; MIDDLE EAST; MIGRANT; MIGRANTS; MIGRATION; MILLENNIUM DEVELOPMENT GOAL; MONEY HOME; MONEY LAUNDERING; MONEY TO FAMILIES; MONEY TRANSFER; MONEY TRANSFER OPERATOR; MONEY TRANSFER OPERATORS; MONEY TRANSFERS; MONEY TRANSMITTERS; MUNICIPAL GOVERNMENTS; NATIONALS; Nigeria; NONPROFIT ORGANIZATIONS; NURSES; OFFICIAL DEVELOPMENT ASSISTANCE; OLD AGE; ORPHANS; PARTNERSHIP; PEER REVIEW; PERMANENT RESIDENCE; PERSONS; PETROLEUM EXPORTING COUNTRIES; POLICY; POSTAL SERVICE; POVERTY REDUCTION; PRODUCTIVITY; PUBLIC TRANSPORTATION; RECIPIENT COUNTRIES; RECIPIENT OF REMITTANCES; REGULATORY FRAMEWORK; REMITTANCE; REMITTANCE BUSINESS; REMITTANCE CORRIDORS; REMITTANCE FLOW; REMITTANCE FLOWS; REMITTANCE INDUSTRY; REMITTANCE MARKET; REMITTANCE PAYMENT; REMITTANCE PRODUCTS; REMITTANCE SENDERS; REMITTANCE SERVICE; REMITTANCE SERVICE PROVIDERS; REMITTANCE SERVICES; REMITTANCE TRANSACTION; REMITTANCE TRANSACTIONS; REMITTANCE TRANSFER; REMITTANCE TRANSFERS; REMITTANCES; RURAL AREAS; SAHARA; SAVINGS; SEND MONEY; SEND MONEY HOME; SEND REMITTANCES; SERVICE PROVIDER; SET OF RECOMMENDATIONS; SETTLEMENT SYSTEMS; SKILLED MIGRANTS; SOCIAL WELFARE; SOCIETY; SPECIFIC REMITTANCE; SUB-SAHARAN AFRICA; SUBSIDIARY; SURVEY OF REMITTANCE PRODUCTS; TECHNICAL ASSISTANCE; TERRORIST; TRANSFER CHANNELS; TRANSFER COST; TRANSFER COSTS; TRANSFER FEE; TRANSFER MECHANISMS; TRANSFER MONEY; TRANSFER PROCESS; TRANSPORT; UNION; United Kingdom; UNIVERSITY EDUCATION; UNSKILLED LABOR; URBAN AREAS; USES OF REMITTANCES; VALUE OF REMITTANCES; WAGES; WESTERN EUROPE; WORKER REMITTANCES; WORKERS REMITTANCES; Europe and Central Asia; United Kingdom; Nigeria; Africa; ANTI-MONEY LAUNDERING; REGULATORY FRAMEWORK; REMITTANCES; REMITTANCE SERVICE PROVIDERS; FORMAL TRANSFER SYSTEMS; REMITTANCE MARKET; POSTAL SERVICE; INFORMAL FUNDS; REMITTANCE COUNTRY PARTNERSHIP (RCP); REMITTANCE; NIGERIA; INFORMAL FUNDS TRANSFER; BANKING; REMITTANCE SERVICE; MONEY TRANSFER; DEVELOPMENT POTENTIAL; TRANSFER; INITIATIVES ON REMITTANCES; REMITTANCE TRANSFERS; TRANSFERRING MONEY; UNITED KINGDOM; DIASPORA
• DOI: 10.1596/978-0-8213-7023-0
• ISBN: 9780821370230; 0821370235
• ISSN: 1726-5878

This study is the first research work on remittances conducted in Nigeria and reveals the actual state of its remittance market. The report describes how United Kingdom residents of Nigerian origin transfer remittances home and how the funds are distributed to their beneficiaries in Nigeria. The review presents the remittance industry conditions existing in the UKNigeria remittance corridor at the origination and distribution stages of the transactions, and the intermediaries who facilitate the transfers. The report makes conclusions and compares these main findings with lessons from other corridors. 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.