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The UK-Nigeria remittance corridor : challenges of embracing formal transfer systems in a dual financial environment, Volume 1
Author:Hernandez-Coss, Raul; Bun, Chinyere Egwuagu; Country:United Kingdom; Nigeria;
Date Stored:2014/01/30Document Date:2007/04/30
Document Type:PublicationSubTopics:Remittances; Currencies and Exchange Rates; Banks & Banking Reform; Debt Markets; Population Policies
Region:Europe and Central Asia; AfricaReport Number:39998
Collection Title:World Bank working paper ; no. 92Volume No:1

Summary: The United Kingdom (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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