The UK-Nigeria remittance corridor : challenges of embracing formal transfer systems in a dual financial environment, Vol. 1 of 1

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The UK-Nigeria remittance corridor : challenges of embracing formal transfer systems in a dual financial environment

Author:	Hernandez-Coss, Raul; Bun, Chinyere Egwuagu;	Collection Title:	World Bank working paper ; no. 92
Country:	United Kingdom; Nigeria;	Date Stored:	2007/06/18
Document Date:	2007/01/01	Document Type:	Publication
ISBN:	0-8213-7023-5	Language:	English
Region:	Europe and Central Asia; Africa	Report Number:	39998
SubTopics:	Remittances; Banks & Banking Reform; Agriculture and Farming Systems; Population Policies; Corporate Law	Volume No:	1 of 1

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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